Financial Times , 1992, UK, English

Tomorrow's Weekend FT GPA Grou p

Literary forgers whojboled Why the share
Victorian England sale flopped

Page 14 & 1ft

China

A spring wind blows
through the economy

Page 15

THE BIG LIE

Inside Maxwell’s
empire

x • /■

... %■

FINANCIAL TIMES

Friday June 19 1992

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Irish voters likely
to decide future
bf Maastricht

nw future of the Maastrichttreaty on European
union couldlw clearer today after the results
of the. Irish Republic's refer endum on the pact
are announced at about midday. An estimated
50-55 per cent of the country’s 25m voters are
believed to have gone to the polls. If the Irish
follow the Diaries to rejecting Maastricht, the
treaty, is unlikely to survive, page 16; Irish mist
descends oyer Maastricht, Itoge 2

Siemens, German electronics group, is reducing
participation In the semiconductor memory market
and will not build a manufacturing plant tor
advanced chips.-The decision could mean the
end of Earopean memory production. Page 17

Intel, US manufacturer of microprocessor cftfps
for personal computers, has won a critical Calif¬
ornia lawsuit to its battle to prevent Advanced
Micro Devfces from cloning its products. Page 17

China tightens credit China’s central bank
has acted to tighten credit to an attempt to prevent
the ecoramy from overheating as a restot of rapid
growth. Page 16

South Africa UKbtgm Raiders killed at least
35 blacks in a South African squatter camp. The
Law and Order ministry said the fori dent, at
Boipatong, was an indirect result of an African
National Congress mass protest campaign to
brtog doym Q*e white government

UN drop* airport plaro The United Nations
abandraied plana to send Canadian troops to Sara¬
jevo to take Control of the airport, after Serb irregu¬
lars renewed bombardment of the Bosnian ««plfa»l- !
Page 2

Hachetto, heavily indebted French media group,
secured shareholders* consent fora FFftfibn
($530m) recapitalisation package as a precursor
to its proposed merger with French defence com¬
panyMatra. Page 17 '

Telephone Organisation off ThaBand .

awarded a contract to install and operate im
provincial telephone lides to a Thai consortium
planning to buy equipment from Canadian, French
and Japanese companies. Page 3

Rhe in PK mininplo yi n iB l; The number
of people out erf wort hrthe UK dimbed to more
than 2.7m lastmouto, thehighest for nearly five
yedrs.paged '

Japan^btel^lodt

leading four brokers reported generally lower
profits from their overseas operations last year,
btrt expect arotum toprofit this year to spite
of continuing market weakness- page 21

Tokyo’s fina nc ia l re to rtwas Barriers between
Japan's banking and securities business are to
be lowered following legislation allowing banks
and securities houses to enter each other’s busi¬
nesses. Page 21 ,

Olympia A York, troubled property company,
outlined a debt-restructuring proposal which
would include extending repayments on most
of its debt for five years and disposing of some
of its Canadian properties. Page 20 .

US trade deficit widens: A sharp rise in
the US merchandise trade deficit in April provided
an early warning of possible adverse trade trends
later this year if the US economy continues to
revive and demand remains subdued elsewhere.

The deficit jumped from $5.4bn in March to |7bn,
the greatest shortfall for 17 months. Page 5

Kuwait to heap Spanish Interests Kuwait
Investment Office said it would not withdraw
its large industrial investment from Spain despite
the cost bf rebuilding Kuwait and the resignation
this month of its long-time partner in Spain, Javier
de.Ia Rosa. Page 17

Union seeks investigation: The UK's
nnjinrial regulators have been asked by the Trans¬
port and General Workers’ Union to inves tigate
the pension fuiul manager of Courage, the brewer,
after the fond was forced to write off a £10m
(218.5m) investment in a company related to Fos¬
ter’s Brewing Group, Courage’s Australian owner.
Pages

UK ran losses rises British Rail is about
to announce that its losses for the year to March
have Increased from the previous year’s £ 10.3m
to a worse-than-expected £150tn. Page 6.

Coop blocked: Chad’s military government
claimed it foiled an attempted coup led by public
works minister Abbas KottL

Bomb surprise: A 96-year-old Belfast woman
took a packag e from her coal-bunker into her
home without realising it was a bomb. Police
were alerted and the device was defused.

■ STOCK MABKET WPfCES

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EUROPE'S BUSINESS NEWSPAPER

DS523A

Early morning arrests follow pressure for action

Sons of Maxwell face
£135m fraud charges

By John Mason, Andrew Jack,
and Raymond S noddy

MR Kevin and Mr Ian Maxwell,
sons of the disgraced publisher
Mr Robert Maxwell, and Mr
Larry Trachtenberg, an Ameri¬
can business associate, were yes¬
terday charged with fraud after
being arrested at their London

The early morning arrests
came eight months after the
deatit of Mr Maxwell to the sea
off the Canary Islands and during
me of the most complex investi¬
gations carried out by the UK
Serious Fraud Office.

The police made the arrests
while the SFO investigation has
been only half completed, ami the
decision to move.yesterday took
{dace against a background of
mounting pressure tor action and
intensifying press coverage. More
than £900m ($L66bn) is still mus¬
ing from a variety of Maxwell
companies and pension funds
affecting thousands of Maxwell

pgnginnppg

The throe men thee a total of 15
charges of conspiracy to defraud
and theft involving £135m.

Mr Kevin Maxwell, at 33 the
youngest Maxwell son, and a. for¬
mer rhab-man of Maxwell Com¬
munication Corporation, was
charged with~two counts of con¬
spiracy to defraud and six of
theft. The charges include the
alleged defrauding of the Swiss
Bank Corporation of £55m and
toe Swiss Volks Bank of $35m.

Mr Larry Trachtenberg, a 39-
year-old former London School of
Economics lecturer and financial
adviser, to th** late publisher, was
c§pigedsy?lth two counts of con-
sjaracy to defraud SBC and Volks ■
Bank and four theft charges.

- Mr Ian Maxwell, 36, the former
Mirror Group chairman, was
charged on a single count of con-
spiracy to defraud Volks Bank of

Pimm Timor HunoOrtos sod LrtOt ton dm Mm r

Ian (left) and Kevin Maxwell leave Snow Hill police station in London after their arrest

■ Full list of charges
PAGE 6

■ Background to the arrests
PAGE 7

■ The Big Lies Inside Maxwell’s
empire

PAGE 8

■ Arguments pointing to suicide
PAGE 9

*35ttu

The- charges"relate to only
three of the five areas of inquiry
still being pursued by the SFO,
and all but one of the alleged
offences are said to have taken
place after Mr Maxwell’s death

on November 5 last year.

The five lines of inquiry are
into the circumstances surround¬
ing a £55m loan from Swiss Bank
Corporation, the MCC pension
tends, money missing from Mir¬
ror Group Newspapers, an
alleged share support operation
and cash and investments
removed from MCC.

Accountants tracing Maxwell
assets on behalf of creditors and
pensioners said the charges
would have no effect on their
investigations.

Following the arrests, the three
men were taken to City of Lon¬
don police station shortly after
7am and were detained without

being questioned before being
charged. Shortly before lpm the
three men were escorted through
a crowd of cameramen and
onlookers and taken to City of
London Magistrates for their first
court appearance.

Reporting restrictions woe not
lifted and aH three were released
on conditional bail to reappear
on September l. The trial -
likely to be the largest case of
alleged fraud to come before the
UK'Conrte — is hot expected to

Continued on Page 18
Background and foil charges.
Page 6,7

Nowhere to ran. Pages 8,9

Legacy of a determined man

By Nonna Cohen, Andrew Jack
and Bronwen Maddox in London
and Alan Friedman in New York

ROBERT MAXWELL’S last will
and testament reveals a man
determined to control his image
beyond the grave. He left a total
of £2m (S3.7m) to his family and
friends, with the rest of his per¬
sonal estate going to causes
including world peace, the
defence of Israel and the eradica¬
tion of Alzheimer’s disease and
cancer.

But beneficiaries who brought
the Maxwell family or Maxwell
companies "into disrepute” will
lose their inheritance. Any who
unsuccessfully challenge the win
would see their legacy cut to only
£ 1 , 000 .

The Financial Times has
obtained a copy of the wUl,
drawn up on July 12 1987 and
amended on December 30 1960.
The will’s authenticity has been
independently confirmed by a
lawyer involved in its prepara¬
tion.

Mr Maxwell left money to a
Israeli synagogue to ensure that
“prayers be said in perpetuity"
for himself and his close relations

on the anniversaries of their
deaths. He asked to-be buried in
an orthodox Jewish cemetery in
Jerusalem in accordance with
orthodox rites.

Ms Jean Baddeley, Mr Max¬
well’s former secretary and a
dose friend, inherits £100,000 and
“shall continue to be employed in
and about the management of my
estate.. .on the most generous
terms of compensation."

Robert Maxwell’s widow. Elisa¬
beth, inherits £500,000 and three
apartments to France. Each of Mr
Maxwell’s seven children is to
receive £200,000. His sister, Sylvia
Rosen, inherits £150,000. Helene
Atkin and Michael Atkin, a
and nephew, inherit $200,000
each.

Mr Maxwell left everything else
in his personal estate to charita¬
ble organisations. For years, how¬
ever, the ultimate owners of the
Maxwell corporate empire have
been secretive offshore trusts to
Liechtenstein and, recently, Gib¬
raltar. Investigators are now
attempting to penetrate the confi¬
dentiality that shields these
trusts.

The named beneficia ri es of the
will may not receive anything. If

creditors force the estate into
bankruptcy, they will rank above
anyone mentioned in a will.

The document was given to the
FT by Mr Frank Field, the
Labour MP who chaired the
House of Commons select com¬
mittee on social security which
held hearings into the Maxwell
affair. Mr Field declined to iden¬
tify his source except to say he
was satisfied the person has inti¬
mate knowledge of Mr Maxwell’s
personal affairs.

in exp laining his release of the
confidential documents, Mr Field
said “A person approached me
who was mortified about what
happened to the pensioners and
concerned about the apparent
lack of activity. I was asked to
place tills information with, the
FT in the hope that other people
who' know part of the story
would come forward.”

Mr Field said he had been told
that the bulk of Mr Maxwell’s
assets were stored in roughly a
ri/wgn charitable trusts based in
Liechtenstein and that not even
Mr Kevin Maxwell knew toe loca¬
tion of ah the assets at the time
of his father’s death. Much of the
assets consisted of shares in vari¬

ous Maxwell companies and it
the value of current holdings is
unclear.

The will in full. Page 9

GPA abandons
flotation as
demand fades

By Roland Rudd In London

GPA, the privately owned
aircraft leasing company, was
yesterday forced to abort its
planned global flotation valued at
about $800m because of poor
demand from instit utiona l inves¬
tors.

The move, which lama early
yesterday only hours before the
shares were due to begin trading,
followed a meeting in London
between the Irish-based company
and its advisers.

Institutional ttemaiyi in the US
collapsed at the Last moment,
affecting demand for shares from
institutions in London and Dub¬
lin, where the flotation was due
to take place. By yesterday morn¬
ing there was only flgmanri -
mainly from retail investors in
international markets - for 53m
out of toe 85m shares the com¬
pany hoped to sell

The rapid collapse of institu¬
tional demand, particularly in
tile VS, was blamed on the falling
world markets and general con¬
cerns about the state erf the air¬
line industry.

At the meeting between the
company and its advisers in the
early hours yesterday, Dr Tony
Ryan, GPA's chairman and
founder, implored his investment
bankers to try to save the flota¬
tion by lowering the price or issu¬
ing fewer shares.

But toe advisers, which include
Nomura as global coordinator,
Goldman Sachs and Merrill
Lynch in the US, and J. Henry
Schroder Wagg in the UK, felt
the issue could not go ahead
without sufficient institutional
demand. One adviser said "We
had a duty to the retail investors
as well as to the company.”

~ The flotation had been expec¬
ted to raise around 5800m in new
money, valuing the group at
$2.4bn- Without the new money
the group will have to rely
increasingly on debt finance.
GPA has to pay for $I2bn of firm
orders from manufacturers for
aircraft by toe end of the decade.

Mr Maurice Foley, GPA’s chief
executive, said: “We have never
been dependent on one source of
finance and will continue to tap
other areas. " He added that the
group was likely to go back to
tiie debt market where it recently
raised $500m in a public bond
issue.

■ Deal that did not fly through

bad timing and nerves

PAGE 14

■ Lex

PAGE 18

■ Aborted global Issue

PAGE 18

■ London stoekmaricet

PAGE 33

But the aborted flotation has
already affected GPA’s ability to
raise new finance.

The group’s credit rating from
Standard & Poor’s, the US rating
agency, was yesterday placed
under review for possible down¬
grade. Moody’s Investors Service,
the other big US agency, is
already reviewing GPA for down¬
grading. Moody yesterday
warned: “The aborted flotation is
a negative factor.”

Mr Foley said that a downgrad¬
ing would be “unwelcome” but
predicted that it would not signif¬
icantly affect the group’s ability
to raise new finance.

At a meeting at its London
office GPA’s senior executives
yesterday discussed the possibil¬
ity of trying to go public again
sometime in the teture.

Mr Foley said that if the group
does decide to try to go public
again it would be more likely to
do so to one market Instead of
trying for a simultaneous listing
in three capitals.

However, one of the group’s
advisers yesterday said he
doubted whether GPA, which
was founded by Dr Ryan in 1975,
could ever go public. “1 am really
not sure they are not best suited
. to remaining a private company”
he said.

GPA’s orders account for more
than 10 per cent of the outstand¬
ing orders from the world's big¬
gest civil aircraft makers, Boeing
and Airbus.

The last-minute cancellation of
GPA’s flotation - unlike Si’s
issue last week which was stiff
some way from toe market - is
not expected to have any real
impact on forthcoming issues
such as Wellcome Trust, the
majority shareholder in Well¬
come, the pharmaceuticals group.

The UK market is currently
seeing the greatest run of new
issues, apart from privatisations,
since the 1987 stock market
crash.

Lloyd’s warned of litigation

By Richard tapper in London

LEADERS of Lloyd’s Names yes¬
terday warned of escalating legal
action after its governing council
refected a bail-out scheme to help
Names hardest hit by recent
losses.

A minority of Lloyd's Names -
individuals whose assets back
the insurance market - will bear
the brirnt of Lloyd's estimated
£2bn 2959 losses to be announced

next week.

The bail-out scheme was
rejected because of commercial
and legal problems. Instead, help
will be limited to a possible

improvement erf the “hardship'*
relief offered to Names faced with
bankruptcy.

Mr Ttan Benyon, chairman of
the Society of Names, a group
representing members in diffi¬
culty, said Lloyd’s “faced death
by a thousand writs”.

Mr Christopher StockweU,
chai rm an of the Lloyd’s Names
Associations working party,
which represents a number of
Names’ action groups, said; “It’s
a tragedy. They have missed a
major opportunity and face
mnmrfwqr rhans. ”

Many Names allege that negli¬
gence by professionals in the

market is responsible for their
losses. More than 2,000 have
taken action.

Mr Mark Fairer, chairman, of
toe Association of Lloyd’s Mem¬
bers, which represents more than
9,000 Names, said he was “disap¬
pointed” but accepted that there
was a “significant lack of sup¬
port” among more successful
Names for a bail-out, which they
would have to fund.

He warned that for loss-making
Names “regretfully litigation is
the only course that might lead
to a measure of redress".

Editorial Comment, Page 14

EteOpanNBWs- Z

Irtenwflored 4

American News—_S

Work) Trade New —3

UK News--—6

Maxwell-7-8

Mm ttw ___16

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Technology_

FT Law Report

_12.

W 31

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Ana ____...

_-13

CONTENTS

TV and Radio.

.13 Commodate*.
-40 FT Actuate* .

-32

-33

TPs GPA debacle.

HLfepMtta_

Inti, Companies —
Kmfcata

Property Martat-9

FT Worid Actuaries—.44
. 23124 Foreign exchange* —40

—18 Gold Maricata __—32

.2122 Eqifly Options-22

.1941 Managed Funds—3840

Money Marietta_—40

Recent iaauea —. ■—-.2?
Share Information 34^5,44

London SE —--33

WaU Street-41-44

Bourses—;-41 M

FINANCIAL TIMES ® FT No 31,788 Week No 25

LONDON • PARIS - FRANKFURT - NEW YORK - TOKYO

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FINANCIAL TIMES FRIDAY JUNE 19 1992

NEWS: EUROPE

,f ih fi

Italy’s Mr Clean steps into the breach

By Robert Graham In Romo

A NEW KIND of prime
minis ter took cm the challenge
of governing Italy yesterday
and immediately set himself
the task of steering the ship of
state away from the rocks.

The appointment of techno¬
crat Professor Giuliano Amato
marks a decisive break with
the past, having won the job
for Ids ability and moral quali¬
ties rather than in a backroom
party deal.

He emerged from long talks
with President Oscar Luigi
Scalfaro and flipftgprf action to
improve public finances, clean

up government and introduce
institutional reforms.

The 54-year-old constitu¬
tional lav professor and former
Socialist finance minister said
talks on forming a government
could take time.

He expected to rely an the
narrow parliamentary majority
of Christian Democrats, Social¬
ists, Social Democrats and lib¬
erals which formed the previ¬
ous government. However, it
was clear he anticipated
broader cross party support

Prof Amato's appointment
represents a break; with, the
established practices of paity-
conttolled politics.

Weizsacker
hits at ‘power
crazy’ parties

By Quentin Peel In Bonn

GERMAN politicians,
undermined by growing voter
apathy, declining popular
esteem and scandals over pay
and privileges, are now facing
criticism from Mr Richard van
Weizsacker, the president

In an interview with two
leading newspaper correspon¬
dents, the former leading light
in the ruling Christian Demo¬
cratic Union (CDU), attacks the
lack of leadership in the Ger¬
man political establishment,
accuses the parties of being
“power crazy” and irresponsi¬
ble. and questions the direction
of the country's unification
policy.

His words have been seized
upon by government oppo¬
nents as an attack on the rul¬
ing coalition, and in particular
on his former party colleague.
Chancellor Helmut KohL

That was swiftly rejected by
the president's office. The real¬
ity is that his criticism was
across the entire Ger¬
man political establishment
represented by the hot-house of
political intrigue in Bonn.

Mr von Weizsacker is con¬
cerned at the way parly politi¬
cal debate appears to be under¬
mining the constitutional basis
of German democracy.

The result is that inner-party
debates, and the regular “coali¬
tion negotiations" between the
three parties In the German
government, have become the
real decision-making bodies -
leaving the classic balance
between executive' government
and parliamentary control lit-

Ukraine threatens
to split CIS in
row with Russia

By ChrysUa Freeland in Kiev

THE prospect of a break-up of
the Commonwealth of Indepen¬
dent States came closer yester¬
day after Ukraine stepped up
its conflict with Russia over
the Crimea.

An adviser to Ukrainian
President Leonid Kravchuk
said Russia would be asked for
guarantees that it would not
claim Ukrainian territory at
the Ukralnian-Russian s ummit
next week.

Professor Mykola Mykbal-
chenko warned that Russian
failure to agree to Ukraine's
demands - particularly acute
because of the Russian parlia¬
ment's claim to Ukraine's lush
Crimean peninsula - could
precipitate the break-up of the
CIS. Ukraine also hopes to
resolve the row over division of
the Black Sea Beet and mil
seek agreement with Russia on
deported people which would
enable the Crimean Tatars to
return home.

“Ukraine cannot be a mem¬
ber of an association together
with another state which has
claims on its territory," Profes¬
sor Mykhalchenko said.

Prof Mykhalchenko said it
was unlikely Russia would
accede to Ukraine's terms, and
that Ukraine may try to force
Russia out of the CHS on the
grounds that it Is threatening

other member states. Ukraine
is unlikely to succeed in this
but it has enough allies in tbe
CIS, such as Azerbaijan, to
cause a big rift

Prof Mykhalchenko said the
meeting at the Russian Black
Sea resort of Dagomys was
Russia’s last chance to
acknowledge Ukrainian sover¬
eignty and show that “we. the
Uk rainians , are not the o nes
who are souring relations-"

His comments suggest Ukrai¬
nian politicians are proving
immune to Russian efforts to
apply economic pressure.
According to Ukrainian eco¬
nomic experts, last week in
Moscow Russian negotiators
said that Russia would charge
world prices for oil the
moment Ukraine introduces a
separate currency and leaves
the rouble zone.

This could be devastating for
Ukraine, heavily dependent on
Busman subsidised oil, but in
Paris this week Mr Kravchuk
said Ukraine would introduce a
separate currency, the hryvnia,
in August or September.

At Dagomys Ukraine will
seek an agreement on prices
and the introduction of the
hryvnia and a formula for
dividing the former Soviet
Union’s debts and assets. Prof
Mykhalchenko said failure to
agree “could have very nega¬
tive effects on relations".

He has been chosen not in a
back-room deal but from neces¬
sity: as a man capable of
obtaining a broad cross-party
consensus with high moral
standing and genuine grasp of
institutional reform and eco¬
nomic policy. Similar consider¬
ations led to the surprise elec¬
tion of Mr Scalfaro as
president .

He is the first post-war prime
minister to be chosen more for
his technical than political
abilities. An academic who
gradually shifted into politics,
he only became a deputy for
Ms native Turin in 1988, and
most of bis political experience

has been as adviser and right
hand man to Mr Bettino Cram,
the S ocialist leader and prime
minister from 1983 to 1987.

It is an equally important
for an Italian leader
to be chosen for his moral
qualities. Amid growing out¬
rage over the Milan municipal
corruption scandal involving
rigged contracts and pay-offs to
political parties. Prof Amato
represents a “Mr Clean". He is
currently investigating his
Socialist party's corrupt activi¬
ties in Milan.

This «dd T the process of his
selection was tortuous. The
new It alian president has

exploited the weakness of the
main parties after the election
and demanded quick agree¬
ment on their candidates for
the premiership. Faced with
deadlock this week, President
Scalfaro took the initiative.

He said the outgoing four-
party coalition lacked legiti¬
macy after the April elections
and needed a broader base. Ide¬
ally this meant the hack in g of
the former communist Party of
the Democratic Left (PDS), the
second largest parliamentary
grouping,

Mr Craxi objected, and
insisted on his own candida¬
ture until President Scalfaro

made him realise on Wednes¬
day that this was unrealistic.
Mr Craxi has been too heavily
compromised by the Milan
scandal.

In proposing Prof Amato as
his substitute, Mr Craxi has
salvaged some honour, the
Socialists have their deputy
leader in the prime minister's
office, the Christian Democrats
have the presidency and the
PDS has the speaker of the
Chamber of deputies. The
Christian' Democrats have
avoided tbe embarrassment of
having to chose a candidate
when they cannot agree a suc¬
cessor to Mr Arnaldo Foiiani,

who resigned after the party’s
poor election showing.

The PDS and Republicans
are happy to see Mr Craxi, a
long-time enemy, humiliated.
His absence from government
makes their support more
forthcoming. But the PDS was
furious that the outgoing coali¬
tion managed to use its narrow
parliamentary majority to fill
the heads of all 26 of the cham¬
bers’ commissions. As for the
populist. Lombard League, the
second largest party in north¬
ern Italy, Prof Amato is a suit¬
ably neutral figure and allows
it time to gain parliamentary
experience.

tie more than theoretical.

The president’s intervention
follows a series of local elec¬
tions in which all the tradi¬
tional political parties - his
own CDU, the main opp ositio n
Social Democratic Party (SPD),
the minority Free Democrats
(FDP), and the Bavaria-based
Christian Social Union (CSU)
all lost ground, partly because
of voter apathy and partly to
the radical extremes of left and
right

Scandals over politicians’
pay rises have undermined
their public standing in Ham¬
burg and Saarland. In the lat¬
ter, Mr Oskar Lafbntame, dep¬
uty leader of the SPD, has just
survived a noconfidence vote.

Two opinion polls show
unprecedented popular scepti¬
cism. with those doubting the
veracity of their political lead¬
ers rising from just one third
in 1977, to 60 per cent this
ApriL In another poll only 28
per cent believed the right peo¬
ple were leaders.

What appears to have wor¬
ried Mr von Weizsacker most
of all, however, is the scepti¬
cism directly related to unifica¬
tion. In tiie east, mistrust of
politicians is highest of all, and
real unemployment is still ris¬
ing. In the west, there is
unwillingness to face the frill
costs of helping the east

The president has already
appealed for a new national tax
to pay for the eastern econ¬
omy. That was flatly rejected
by Chancellor Kohl and his col¬
leagues. His latest intervention
should step up the debate.
Observer, Page 17

mot

One of Ireland’s future voters gets the hang of what to do by watching her grandparents marking their ballot papers to yesterday’s referendum

Irish mist descends over Maastricht

Beyond the Pale, many perceive it as a treaty without cause, writes David Gardner

I F Ireland’s voters turn out to have
endorsed the Maastricht treaty in
yesterday's referendum, it will have
been without enthusiasm. It would also
have been largely in spite of a pro-
treaty campaign by the country's politi¬
cal establishment which created suspi¬
cion and deep irritation.

Many people are plainly angry.at
being patronised by what they see as a
“we-know-best" elite which has done
well out of Europe and hopes to do even
better.

The government hijacked the air¬
waves, keeping its opponents off televi¬
sion, annoying both the Yes and No
camps in its obviously rattled attempts
to ram through ratification.

The country's leading paper. The
Irish Times, in a strongly argued leader
on Tuesday in favour of a Yes vote, was
lapidary in its judgment of the govern¬
ment’s campaign.

The government almost certainly
erred tactically by overemphasising tbe
expected cash bonanza of I£6bn (£&5bn)
from the EC’s boosted “cohesion" and
regional aid effort for poorer member
states - money which is in question
because of resistance by net contribu¬
tors to the EC budget to pay it
The referendum result, in conse¬
quence, yesterday looked as though it
would be very close. A straw poll by the
FT of a hundred or so people in a cross-
section of Dublin and in County Wick¬
low showed a 51-49 margin against the
treaty, with a further 18 voters claiming
stiff to be undecided.

There were doubts about whether the
fabled cohesion money would arrive,
and if so, whether this meant jobs.

There was concern on both sides of the
abortion debate, and about the extent to
which Maastricht's aspiration to a
future common defence dimension for
Europe compromised Irish neutrality.

“I think they're keeping us in the
dark about neutrality," said Fiona Mur¬
phy, a waitress. And despite Mr Reyn¬
olds' pledge of a new referendum in
1996 if the EC assumes joint defence
commitm ents then, she was voting no.

Ireland has done well out of the EC.

tricht," admits one senior Irish Euro¬
crat, explaining the parties’ failure to
canvass. Yet this probably sells ordi¬
nary Irish voters short

Their ire is not primarily caused by
Maastricht, nor do they appear Euro-
sceptical. Mr Christy Byrne, a small
dairy farmer in the Wicklow mountains
south of Dublin, was voting yes while
complaining “there’s nothing in tins for
small farmers.”

Yet he felt that Ireland couldn’t

Until shocked out of its complacency
by the Danes, Mr Albert Reynolds’
government had not deigned to explain
or promote the treaty to the populace

At one level, it gets l£6 back for each
pound it puts into the Community bud¬
get. Bat more fundamentally, it has
nearly doubled its tradeable goods sec¬
tor (from 31 to 51 per cent of GDP) since
entry. Europe has opened up markets
and allowed this small, peripheral
nation to dilute dependence on the UK
for the first time In its modern history.

But neither Mr Reynolds’ party,
Fianna Faff, nor the three other main
parties supporting the treaty, have been
able to activate their powerful
machines and appear to have little
accurate information on door-step
thinking.

"Nobody except the civil service elite
is interested in or in favour of Maas-

afford to be without Europe and that if
the government were “more honest"
the Yes vote would sweep it

Anger is variously directed at politi¬
cians perceived as shifty, and the cro
aer power of the the church. Under the
previous government, these two estates
combined to toss the red herring of
abortion into the treaty, as a protocol
guaranteeing that no EC law would
interfere with Ireland's constitutional
ban on abortion.

The government subsequently tried
to disentangle tbe two issues, by agree¬
ing to a separate and later referendum
on the rights to information on abor¬
tion, and to travel for pregnancy termi¬
nation. What began as a cynical

WEU prepares to strap on some weapons

By Robert Mauthiw,
Diplomatic Editor •

THE long-dormant Western
European Union is today
expected to agree to give itself
a genuine military role,
including the capacity to send
peace-keeping forces to flash¬
points like Yugoslavia and

Nagorno-Karabakh.

Foreign and defence minis¬
ters of the ninenoation organi¬
sation are meeting outside
Bonn to discuss what practical
military steps can be taken to
implement their declaration
on a common European
defence identity, attached to
the Maastricht treaty. ..

That declara tion, which
states both that WEU will be

developed as “the defence com¬
ponent of the European union”
and as a means to strengthen
the European pillar of the
Atlantic affiance, is diversely
interpreted by member states.

While Britain has pot the
accent on the organisation’s
continuing close relationship
with Nato, France, Germany
and some other members see
its role as leading gradually,
but inexorably, to a common
European deforce policy under
the political direction of EC
governments.

These ideological differ¬
ences, however, should not
prevent ministers from taking
decisions on tbe forces to be
assigned to the WEU for pur¬
poses ranging from peace¬

keeping and humanitarian
operations to military inter¬
vention outside the Nato area
of the Gulf War type.

Mr Malcolm Rifkind, the
British defence secretary, has
proposed that European multi¬
national units such as the
planned D utch-Belgian-Ger-
man-British Nato division, the
UK-Nether lands amphibious
force or the Franco-German
corps could be pu t at the dis¬
posal of tbe WEXJ.

The ministers are also due to
give the green light to a 40-
member WEU military plan¬
ning celL ■

In a declaration to be issued
at the end or the meeting, the
WEU will offer, as did the
Nato Council earlier this

month, to make its forces
available for peace-keeping
operations at the request of
international organisations
such as the United Nations and
the 52-nation Conference on
Security and Co-operation in
Europe.

Decisions on whether to take
part In such operations will be
tak en on a case by case basis
by WEU member states.

The ministers are also due to
invite Greece, Denmark and
Ireland, the only three EC
memb ers not already in the
WEU, to join the organisation
as frill members or observers.
Of these three, only Greece has
applied for frill membership.

In addition, associate mem¬
bership will be offered to Tor-

EC fails to agree on multinationals Fall in value of arms trade

By Andrew Hill in
Luxembourg

MINISTERIAL agreement on
a European company
statute - which would sim¬
plify the legal position of mul¬
tinational companies in the
Community - has again been
postponed, possibly until the
end of this year.

EC internal market minis¬
ters,- meeting in Luxembourg
yesterday, failed to narrow
their differences over the Euro¬
pean Commission's proposals.

The measure would allow
multinational companies to
become sociites europiermes
(SEs). They would be subject to
a single EC company law,
instead of having to meet dif¬
ferent legal requirements in
each member state.

Portugal, which holds the EC
presidency until the end of this
month, has pushed hard for
adoption of the statute. But its
efforts have been thwarted,
partly because of persistent
objections from some member
states.about proposals to

encourage employee participa¬
tion at board level in SEs.

Britain, for example, argues
that such provisions could set
a precedent for binding EC
company legislation later. One
Portuguese official said yester:
day that he thought the UK
had missed a good opportunity
to agree a directive over the
past six months.

British officials said the tech¬
nical nature of the measure
meant it would probably' not be
considered by ministers until
near the end of the UK’s six-

mouth presidency, which fol¬
lows Portugal's.

# Member states were last
night stQl discussing a direc¬
tive. aimed at protecting
national treasures once inter¬
nal EC frontiers are removed
on January 1, 1993. British auc¬
tion houses are concerned that
a measure, allowing a wide def¬
inition of national treasures
which cannot be exported,
could restrict the European art
market. Ministers were still
discussing compromise propos¬
als yesterday evening.

By Robert Taylor In

Stockholm

THE WORLD arms trade in
large conventional weapons
dropped by 25 per cent In value
last year to $22.H4bn, accord¬
ing to the annual survey of the
Stockholm International Peace
Research Institute published
yesterday. The break-up of the
Soviet Union was the main rea¬
son, Sipri argues.

During the 1980s that coun¬
try was responsible for around
40 per cent of the global trade,

but that figure had shrunk to
less than 20 per cent by last
year. Tbe value of Soviet weap¬
ons exports last year was
roughly 22 per cent of that
recorded in 1387, says Sipri.

The US is now by far the
hugest exporter of large con¬
ventional weapons, accounting
for 51 per cent of deliveries last
year to a value of $u.l95bn.
The dissolving Soviet Union
accounted for $3£3bn worth of
arms exports. But Sipri reveals
that Germany is now the third
largest conventional arms sup¬

plier in the world with sales
last year valued at $2.0l5bn
- far more than China
($l.l27bn), Britain ($899m) and
France ($804m).

Last year there was a.
marked reduction in arms
imports to the developing
world - $l2.336bn from
$l6,720bn In 1990. However
India was the largest arms
importer ($2.009bn), followed
by Israel ($1.676bn), Turkey
($I.559bn) and Afghanistan
($1.220bn). Thailand increased
its arms imports substantially.

Shelling
halts UN
relief of

Sarajevo

By Judy Dempsey (n Belgrade

UNITED Nations officials
yesterday abandoned plans to
send Canadian troops to Sara¬
jevo to take control of the air¬
port, after Serb irregulars
renewed their bombardment of

the besieged Bosnian capital ,

“There is all out war bare," a
UN said, adding that

the UN was trying to get the
Bosnian presidency, the Serb
irregulars and Serbia’s proxy
army to sign a new agreement
aimed at re-opening the air¬
port

Serb irregulars have block¬
aded the airport, preventing all
food and humanitarian aid
from reaching Sarajevo, whose
300,000 inhabitants have been
besieged for 75 days.

Members of the Territorial
Defence force, which consists
of Sarajevo’s Moslem, Serb and
Croat communities, and which
Is trying to defend the city,
said yesterday that any new
agreement was “almost mean-

attempt to get the church on ride has
ended by ranging anti-abortionists and
pro-choice groups against the treaty,
leaving very little middle ground for
Irish women, whose vote could decide
Maastricht's future.

Mrs Helen Kelly, a heavily pregnant
resident of Glendalough in Wicklow,
was undecided on Maastricht She was
cynical about foe government and hos¬
tile to the anti-abortion campaign, as
“just a way of trying to package the no
vote to throw it [the treaty! over."

Her husband, Tom, a small road haul¬
ier struggling through the economic
downturn, was voting yes. *Td say go
with Europe, what choice have we?"

In affluent Dublin areas like Donny-
brook, Maastricht is not in doubt yet in
mixed class areas of north Dublin like
Drumcondra the vote yesterday was
nearly 2-1 against the treaty.

The gulf was equally visible in Bray,
12 miles south in Wicklow, now easily
accessible thanks to a new by-pass part-
financed by the EC regional fond. Yet
in one hostelry where local working
men had gathered to watch the football
televised on Wednesday night Maas¬
tricht could not muster a single indige¬
nous vote.

“No, no and no," said Liam, “that
stuff’s for yuppies. There’s nothing in it
for Joe Soaps and the workers like me."

Irish and EC leaders have tended to
take such people for granted. The
fixture of the Maastricht treaty hung on
there being just enough voters to out¬
weigh them, even if many were saying
yes out of fear of isolation from Europe
rather than enthusiasm for a cause no
one has bothered to kindle.

“The Serbs sign a ceasefire,
re-group, re-arm, and then
bombard the city from the sur¬
rounding hills in an attempt to
divide our city,” said Mr Mlr-
sad Kulenovic, a former Yugo¬
slav diplomat

Mr Sefer Halfiovic, com¬
mander of the Territorial
Defence force, yesterday critic¬
ised the UN for not doing
enough to prevent the bom¬
bardment and killings.

He said the UN had made no
attempt to stop civilians in the
Sarajevo suburb of Dobrinja
from being taken out of their
apartments by Serb irregulars.

UN officials said their man¬
date limited them to negotia¬
ting the reopening of Sarajevo
airport to allow an airlift of
food into Sarajevo.

Western diplomats and jour¬
nalists in Sarajevo said that
over the past three days, Serb
irregulars had entered apart¬
ment blocks and had taken res¬
idents to a prison in Pale, east
of Sarajevo, the headquarters
of Mr Radovan. Karadzic, and
General Ratko Mladic, leaders
of the Serb irregulars, and
Serbia’s proxy army.

“Tfae innocent civilians are
taken as hostages in exchange
for Serb snipers captured by
the Territorial Defence," a
western diplomat said. “This is.
happening under the eyes of
the UN. This is happening
every day. It is unspeakable
the evil which is taking place
here."

Treuhand plans
for state farms

By LasSle Colfo In Berlin

EAST Germany’s state farms
- a quarter of the former com¬
munist country’s agricultural
land - are to be leased to
farmers for 12 years and then
sold to east Germans and west¬
erners, including the former
nobility whose large estates
were confiscated after 1945, the
Treuhand privatisation agency
said yesterday.

The agency said it was set-
ting up a company to supervise
the leasing of im hectares of
farmland and 400,000 hectares
of managed forests. Previously
only one year leases were
granted, which made planning
difficult for tenants. Former
collective farms are not
included.

key, Norway and Iceland, who
are members of Nato but not
of the EC, with the right to
parti cipate fully In meetings of
the WEU CoanciL To take
account of Greece’s objections
to Turkey’s association, a spe¬
cial provision wi ll be made
under which the WEU*s and
Nato's mutual security guar¬
antees cannot be invoked in
disputes between members of
either organisation.

• The WEU will examine
ways of enforcing interna¬
tional sanctions against
Serbia, possibly with a naval
blockade in the Adriatic, Mr
Wlm van Eekelen, its secre¬
tary general, predicted yester¬
day, David Buchan reports
from Brussels.

Correction

Macedonians

Macedonians make up 67 per
cent of the population of Mac¬
edonia. The Balkans map in
Wednesday's edition of the
financial Times stated incor¬
rectly this proportion of the
population was Moslem.

Tbe tfnands) Tboe* (Europe) U4
Published by The Financial Times
(Europe) GmbH. Frankfurt Bruch,
Nibclungcnplatz . -3, ■ 6000

Frankfurt-am-Main I: T elep ho n e 40 69
136850; Fax 49 69 3964481: Teles

4)6191. Represented by E.- Hum.
Managing Director. PmterrDVM

Managing Director, mater. 'WM
GmbN-Hflrriyet International- 6078
Neu-lsenburg 4. Responsible editor.
Richard Lambert, Financial Times.
Number .One Southwark. Bridge,
London SEl 9HL. The Frauds! Tunes
Ltd, 1992.

Registered officer Number .One,
Southwark Bridge, London Si 9HL.
Company incorporated under the taw*
of England and Wales. Chairman:
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ISSN 1148-2753: Commission pari mire
No 67808D.

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Copcohaeeo-K. Denmark. Telephone
(33)T3 4*41. Fax (33) 935335, V.

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FPVATSClAi: TIMES FRJDAY JUNE 19 1992

NEWS: WORLD TRADE

EC threatens to
counter-retaliate
in subsidy dispute

ByFrance# Williams in

Geneva - ■■■

TEDS • EUROPEAN : Community
has ■: threatened -to.'counter-
retaliate ariosi the US if
Washington- goes ahead with
[ trade; reprisals over EC oilseed
subsidies, fuelling the increas¬
ingly bitter, row between - the
world’s biggest traders. -

At today's meeting of Gatt’s
gOTttmng'ftn&icftthie EC will
offer the, US negotiations on
trade concessions in other
areas to compensate for the
sales lost; by American soya¬
bean producers under the oil¬
seed subsidy regime. Washing¬
ton has said it wants the
submdies dismantled. But indi¬
cations were yesterday that the
US may be willing at least to
discuss compensation terms,
thereby avoiding a head-on col¬
lision in the Gait meeting.

On June 9, Mrs Carla Hills ,
US trade .representative, pub¬
lished, a list ..of EC expprts
worth about $2bn f£lbn) a'
yyear, hum which about Slbn-
worth will be selected for impo¬
sition cif prohibitive tariffs if
the two sides cannot reach a
negotiated agreement."

A Gatt disputes; panel has
twice condemned .the EC’s,oil¬
seed subsidies, originally-paid
to processors and. now piud'to
farmers, for violating, a 1962
accord-with fhe.US under
which oilseeds V- soyabeans,
rapeseed and sunflower seeds
- enter the EC duty-free.

The American Soyabean
Association claims it has lost
sales of .$2bn A year as a result,
though the US administration
puts the figure nearer Slbn.

Even so, it is the largest retal¬
iatory package Washington has
ever contemplated.

- EC officials said yesterday
that Brussels would be justi¬
fied in counter-retaliating
against unilateral US reprisals,
which are outlawed by Gatt "If
one party goes outside Gatt,
the other is not bound by Gatt
rules, eitherone senior offi¬
cial said.

The disputes panel recom¬
mended speedy action by the
EC either to dismantle the oil¬
seed subsidies or negotiate
compensating concessions, in
the absence of which the US
: should be authorised to take
reprisals. But if the US rejects
an -EG. compensation offer,
trading partners may be disin¬
clined to afmrtinn retaliation.
Gatt officials say its legal sys¬
tem “is bang stretched to the
limit" by the oilseeds case.

Today’s Gatt council meeting
will hear a call by Costa Rica
for consultations with the EC
over a Brussels decision to
extend quotas on bananas from
Central America. Costa Rica,
which says the decision
breaches international fair
trade rules, says it will take
the case to a Gatt disputes
panel if the decision is not
rescinded..

- The council will also hear
requests from Albania,
Estonia, Moldova and Turk¬
menistan for Gatt observer sta¬
tus ahead of possible member¬
ship. Gatt officials say other
CIS states have indicated their
intention to apply for observer
status; Slovenia has said it
wants to open membership

talks.

Thai phone group looks
overseas for equipment

By Peter Unophakoni In
Bangkok

THE STATE-OWNED
Telephone Organisation of
Thailand (TOT) yesterday
awarded a contract to jbostall
and operate Im provincial tele¬
phone lines to a .Thai consor¬
tium planning to buy equip¬
ment from Canadian, French
and Japanese companies.! .

The deai ls toe s«»iid part of
a controversial expansion, plan
designed to easeThailand’s
badly-congested . communica¬
tions system. Talks on the first
part were concluded last year
when a contract was awarded
for 2m new numbers in Bang¬
kok to the Charoen Pokphand
Group, whose associates
include British Telecom.

The government hopes Inves¬
tors’ confidence will recover,
now that a big infrastructure
deal has been struck so soon
after last month’s political vio¬
lence. A number of other infra¬
structure projects are under
way or could.be started soon,
makin g up for investors’ hesi¬
tancy after the recent political
troubles.

The TOT board meeting was
held in extraordinary circum¬
stances. The chairman is Gen

. Issarapohg Noonpakdee, army
commander, who has not been
seen in public since the army
suppressed the anti-military
demonstrations last month.
The board met at the closely-
guarded Army Operations
Command headquarters.

The warning consortium is
led by Lesley Bangkok, a Thai
trading company. Its main sup¬
pliers will he Northern Tele¬
com Canada and Alcatel, of
Ftance, -and Nippon Telegraph
and Telephone, of Japan. The
original project was a single
package for all 3m new num¬
bers. The civilian government
of Mr Anand Panyarachun,
installed by toe military after
last year’s coup, then fell into
conflict with the general by
ruling that the deal, originally
awarded to the CP Group, was
too monopolistic.

The convolutions of Thai pol¬
itics have brought the Anand
government back to power fol¬
lowing the protests and the
resignation of the pro-military
government set up after the
March general election. The
generals still dominate state
enterprise boards, hut pressure
is growing for them to be
replaced by appropriate profes¬
sionals.

EC ministers ready to
act in procurement row

EC MINISTERS yesterday
seemed ready to soothe trade
friction with the U S by
watering down a third-country
retaliation chose in new Com¬
munity legislation on public
procurement, Andrew Hill.
reports from Luxembourg.

The legislation would force
utilities to put large service
contracts, from maintenance
and cleaning to accountancy
and Insurance, to open tender.
The US is threatening trade
sanctions over the existing
directive on utility equipment
contracts, which includes a
clause giving priority to EC
companies over third countries
which have foiled to open their
markets to competition.

The US says this “reciproc¬
ity" clause discriminates

against non-EC suppliers,
mainly In toe telecoms sector,
and should be changed before
it comes into force on January
1 , 1993- EC Internal market
ministers were yesterday set to
agree a more relaxed regime
for the services directive. This
would let the Commission
investigate alleged discrimina¬
tion against EC companies by
third countries but would
insist on any retaliatory steps
being approved by member
states.

“All this does is restate what
toe Treaty [of Rome! already
allows,” said one official from
Britain, which was pressing for
a more open regime. France
had wanted a tougher clause,
which might have inflamed the
EC-US row.

ECD Export Credit Rates

PE Organisation tor Economic Co-operation and Development (OECD)
rwK new minimum interest rates tor ^c'aMy^upported export
sdha tor June 15 - July 14 (May 15 - June 14 In brackets).

D-Mark

Ecu

French Franc

Guilder

Italian lira
Yen
Peseta
Sterling
Swiss Franc
US dollar

9.30 (9.29) per cent
9.25 (9.36)

iS'to Sym 9.55 (9.60) 5-a^ years 9.35 (9.4) mor
than 8.5 years 9.25 (9.30)

12.04 (same)

6.10 (5 A)

12.21 (1228 )

10.15 (10.64)

forcredts of up to five years 6.18 ( 6 - 83 J 5-&5 yea/
7.69 (7.76) tor credits of over 8.5 years 8.06 (8.15)

eae rates are published monthly by the Financial Times, normally

££ SEiitSKt JO

bid Interest rates may not .be fixed for longer than 120 days.

bjoml rates of interest are die same for all currencies but must be
SmStoTS OECCWeflned poor countries. The SDR-based rate
ricSgid on February 15. It will be subject to change on July 15.

Exporters count the cost of Soviet market collapse

Leslie Colitt looks at the predicament of east German producers confronting a vacuum in sales outlets

WHILE some west German companies
have been hurt by plummeting
exports to the former Soviet Union,
east German producers have suffered
an unmitigated disaster.

Only two years ago West Germany
still managed DM28bn (£9.5bn) in
exports to toe Soviet Union, but this
fell to DMl8bn last year. The decline
was even more dramatic than It
appeared as the figure included east
German exports for the first time.
Sales to all former Comecon coun¬
tries, as a percentage of total German
exports, were 4.1 per cent in 1990 and
2.7 per cent last year. In the heyday of
German trade with the East in the
mid-1970s, nearly six per cent of Ger¬
man exports went to Comecon buyers.

Mr Karl-Hennann Fink, managing
director of the eastern trade board of
German companies trading with toe
East, is pessimistic. He forecast a fur¬
ther slide in German exports to the
former Soviet market this year of-
between 20 per cent and 30 per cent

Although there were a few hopeful
signals, most forge west German com¬
panies with sizeable exports to
Moscow had registered the alarm sig¬
nals early enough to ?nnhfe them to
switch to other markets. Mannes-
rnann, for example, cut output and
sought alternative markets for its
pipes, with some success, in North
Africa and South America.

But companies such as Mamies-
mazm have kept their manufacturing
capacity and retain a presence to try
to prevent competitors from capturing
orders when they pick up. The com¬

pany Is following potential energy
ventures in the Commonwealth of
Independent States, such as the Sakh¬
alin oil and gas project in which Japa¬
nese companies are also interested.

Some smaller German companies,
which sold a forge proportion of their
output to Moscow are hurting far
more. The situation Is worse for those
not being paid by former Soviet buy¬
ers and not covered by the German
Hermes export credit guarantee
agency.

The shoe company, Salamander,
one of the few production-oriented
German joint ventures with a Soviet
partner tried, not very successfully, to

bridge Soviet payments problems by
selling east German shoes to the Rus¬
sians. The company, however, sought
other markets to compensate and
reported healthy earnings in April.

The impact of the trade collapse on
east German companies has been a
nightmare for the Treuhand agency
which still owns nearly aO the large
producers who were dependent on toe
Soviet market for 60 per cent and
more of their output

SKET, the heavy engineering manu¬
facturer in Magdeburg had placed
high hopes on deals with Ukraine to
modernise steel mills it had built
there. The projects were to have been

paid for by shipments to the West of
Ukrainian rolled steel. The Ukraine
even gave the necessary counter-guar¬
antee needed in order to finalise the
granting of Hermes credits. But in
practice the state guarantee proved to
be inoperable, a predicament which
could take another year or so to be
resolved.

Waiting this long would be fatal for
SKET and other east German manu¬
facturers such as Deutsche Waggon-
bau, Europe's largest producer of rail
carriages which exported 75 per cent
of its output to toe Soviet Union.

“These companies need a breathing
spell in order to develop new products

arid new markets in the West 1 *, Mr
Pink said. But In the meanwhile they
will- require even higher subsidies
from the Treuhand agency, which
cannot allow them to collapse as it
would deal a fetal blow to the cities
and towns where they are located.

The difficulty in finding alternative
markets for products developed for
toe former Soviet Union is illustrated
by the 15 new ships ordered by Soviet
shipping lines and built at Warne-
mQnde. where they still lie at berth.
Although the vessels are covered by
Hermes credits, the buyers did not
agree to the altered rate of currency
exchange. The idle ships cost the
builder nearly DM800,000 a day in
insurance and maintenance charges
and cannot be re-sold elsewhere with¬
out costly rebuilding.

Hermes credits to the former Soviet
Union were sharply cat to DMSbn this
year, mainly for the Russian Repub¬
lic, and will probably only be slightly
extended, Mr Fink said. This month
Bonn government said that Moscow,
after a long delay, had given toe nec¬
essary counter-guarantees to allow
Germany to release current Hermes
export credit guarantees to east Ger¬
man companies.

A significant expansion of Hermes
guarantees was politically impossible,
according to Mr Fink, because of the
already strained Federal budget The
collapse in orders from the CIS may
also deter potential western buyers
from placing orders with east German
companies suspected of being candi¬
dates for closure by the Treuhand.

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NEWS: INTERNATIONAL

China opposes cabinet posts for Hong Kong Democrats

_ .. . .. u li.i. mono In thp mlcmifll fnl- Hr* no mo nn thp rfflTr rnbar, fn.ir Mr Alim TMm ftoHna Chow, also a director of the MTRC, the gov- . _ • J

By Simon Holberton in Hong Kong

CHINA yesterday made its most
direct intervention yet in the politics
of Hong Kong when a senior official
said Beijing would oppose the
appointment of any member of Mr
Martin Lee's United Democrats to
the colony’s Executive Council, or
cabinet.

Mr Guo Feng Min, the Chinese
head of the Sino-BritLsh Joint Liai¬
son Group (JLG), said in Beijing yea*
terday that such appointments
would not he conducive to the sta¬
bility and prosperity of Hong Kong.

Mr Guo was speaking after the
23rd meeting of the JLG, a meeting

which was noteworthy for the Chi¬
nese departing from the agenda to
remind Britain that the Basic Law -
the Chinesedrafted constitution for
Hong Kong after 1997 - would not
be before the handover to

provide for more directly elected
seats to the colony’s legislature.

Mr Guo's remarks were an attempt
to limit the room for manoeuvre by
Mr Chris Patten, Hong Kong's gover¬
nor-designate, before he arrives in
the colony on July 9. Mr Patten was
widely expected to bring Mr Lee and
some of ids colleagues into his cabi¬
net

The Democrats represent most of
the democratically elected politi¬

cians in the colonial legislature fol¬
lowing last September's elections.

But Mr Guo's remarks make plain
what many have long suspected:
that Beijing sees no role in Hong
Kong’s political life for the Demo¬
crats, whose involvement in anti-
Chinese government activities after
the June 1989 Tiananmen Square
uprising has made Beijing deeply
suspirious-

Last night, the Hong Kong govern¬
ment Issued a brief riposte. A
spokesman said that "appointments
to the Executive Council were
entirely a at the discretion of
the governor]"

China’s intervention in local poli¬

tics came on the day when four
members of Hong Kong’s cabinet
broke ranks with the government
and issued a paper calling for cuts to
one of the core projects in Hong
Kong’s multi-billion dollar airport
devdopment

The decision by the four, all mem¬
bers of a conservative grouping
known as the Co-operative
Resources Centre, mil give added
comfort to Bdjing'wtdch is arguing
with Britain about: the cost of the
airport This week’s meeting of the
JLG produced no sign of when and
where China proposes to' meet
Britain to discuss the issue of airport
finance. - -

Mr Allen Lee, Mrs Celina Chow,
Mrs Rita Fan and Mr Edward Ho
joined 16 other members of the CRC
to call for cuts of HK$5.5bn (£380m)
in the cost of construction of a rail¬
way that Is planned to link the
urban areas of Hong Kong with the
colony’s new airport at Chek Lap
Kok.

Their proposals would cut the cost
of the railway from HKJZLSbn to
around HK$17bn in March 1991
prices.

Their call marks a reversal oy the
four who, as members of tile gover¬
nor’s cabinet, approved the financ¬
ing plans for the airport and related
projects earlier this year. Mr Ho is

also a director of the MTRC, the gov¬
ernment-owned entity which has
contracted to build and finance the
railway.

Their break with government pol¬
icy throws into question their con¬
tinuing membership of the cabinet.
It also undermines the position of
those who have been objecting to Mr
Martin Lee’s membership of the cab¬
inet on the grounds of his refusal to
observe “collective responsibility"•

The government said it would
study the CRCs paper and consult
the MTRC as to its feasibility. An
MTRC executive said last night that
the changes proposed would damage
the flwaitaol viability of the project.

to avoid
violence

By Peter Ungpbakom
in Bangkok

Japan refuses to
intervene in
flagging market

ILO reports
trade union
repression

By Frances Williams
in Geneva

By Stefan Wagstyl hi Tokyo

THE Japanese authorities
yesterday declined to intervene
to support the country’s flag¬
ging stock market, which fell
yesterday to its lowest level
since October 1986.

The Nikkei index lost 40024
points to close at 16,045.66
- some 8 per cent down on the
week so far and 59 per cent off
its all-time high recorded in
1989.

The market has been hit by
gloomy reports about the state
of the economy, including a
survey by the Bank of Japan
published last Friday which
showed business confidence
bad sunk to a five-year low.
Investors' fears have been com¬
pounded by warnings from
securities companies of farther
declines in corporate profits.

Many investors and busi¬
nessmen alike believe the econ¬
omy will recover only if the
government and the Bank of
Japan take measures to boost
growth, including an increase
in public works spending and a
ftnther cut in interest rates.

Mr Gaishi Hlraiwa, chairman
of the KriHanren, the employ¬
ers’ federation, yesterday
called for extra public works
spending to boost the economy.
But Ministry of Finance offi¬
cials said there were no plans
to intervene in the stock mar¬
ket or to increase public spend¬
ing. Mr Tsutomu Hata, the
finance minister, told a Diet

committee that the govern¬
ment was still monitoring the
effects of a public works spend¬
ing package announced at the
end of March and of a cut in
the official discount rate in
April However, many econo¬
mists believe it is a matter of
time before the government
and the Bank of Japan con¬
sider further such measures.

Japan Is under US pressure
to make a strong pledge to pro¬
mote growth at the Group of
Seven leaders' summit in
Munich early next month.

• Reuter adds: Japan said
yesterday it extended a record
gUbn (£0bn) hi official develop¬
ment assistance in 1991, up 19.6
per cent from the year before.

The sum accounted for 0.32
per cent of gross national prod¬
uct against 0.31 per cent in
1990, the Foreign Ministry said.

US presses India on nuclear curbs

By K K Sharrna In New Delhi

A US delegation of officials
yesterday pressed India to
attend a conference of South
Asian countries on nuclear
non-proliferation.

India Is not a signatory to
the Nuclear Non-proliferation
Tteaty (NPT). despite having
exploded a nuc le a r device in
1974, arguing that the treaty
discriminates in favour of
establishe d nuclear powers.

Pakistan proposed the five-

nation conference for a nuclear
wea pons-free zone, to which
China - another nuclear
power that has refused to sign
the NPT - is to be invited.

While the US still feels that
India should sign the NPT, It
sees the conference as the next
best alternative. India has not
specifically turned down the
proposal, but believes it does
not tackle the issue of nuclear
proliferation. It also feels that
the Pakistan proposal does not
take into account its security

needs. O fficia ls said the pro¬
posed conference does not
place controls on Pakistan's
clandestine nuclear weapons
programme.

Also discussed at the
two-day Indo-US talks were US
curbs on spares and compo¬
nents for research and develop¬
ment in India's missile technol¬
ogy programme. The curbs
were imposed after India
recently tested an Intermediate
ballistic missile despite US dis¬
approval.

T THE KARACHI,

AT THE KAR

rx EXPORT

PROCESSING ZONE
AN OPPORTUNITY

ATV7A T'T’C

\\J L\ | 1 \ M»td>oolworryingjfcootanlh* red4apiw\.

X X YY JL V 1 X U At the Karad* Export Processing Zone (Pakisf

YOU

Export Processing
Zones Authority

welcomes the
DELEGATES TO
INVESTMENT PROMOTION
SEMINAR
being inaugurated
In London today by

PRIME MINISTER OF
PAKISTAN
MR. MUHAMMAD
NAWAZ SHARIF

Uiadii&portProceBngaoeijjw
password for setting op an industry in the free aooe
without worrying about all the ral-tapim.

At the Karad* Export Processing Zone (Pakistan] you
have free access to all formalities in setting up an
industry ia the free *one with amnatdable
Incentives and fadEScs.

KEPZ offers tax holiday npto year 2000 A.O. and
thereafter 25% in Perpetuity. Customs duty. Sales Tax;
Octroi are aB exempted as well as surcharges and other
charges. Import licences ant Just fix the asking and
you on repatriate yow profits and capital anywhere at
anytime. Pakistani residents can invest upto 40%.

This is a goMea Opportunity for you 10 yrxr

industry without tews and yWd maxtnwm profits and
return on your in v es t m ent.

8y the way; facilities Bee voter, electricity, gas,

telephone; tdex etc are all provided by &ZA. Yoa

don't havfe to Vnode around from door to door, just one

open window for everything

Offchore banking and insurance facilities are also

available.

So come and see how easy it is to set-up an industry
without tears.

We are just a telephone, telex or fax away.

Detailed brochure and application font*
av?ib!)(e from Pakistan's
diplomatic missions, or direct from:

His policies of
de-regulation, privatisation
and liberalisation of
economy have
accelerated the pace of
economic development in
the country

EXPORT PROCESSING
ZONES AUTHORITY

Ministry of htubhi Cert, of PiHrtin.

M ehran Bj hv ry. LndU. SmeUM tFiUstu)

Tel: 7738767-3831409-330038,7738002,7738013 * 7738014
Cable -tXfOXt WF Tries 38693 EPZA PS Fax; 021-7738188

The Chairman ofEzpcu? Processing Zones Authority will
remain avaUaUe tor consultation dozing Investment
Promot io n Seminar.

* . V** -

SOME 200 trade unionists died
in the 15 months to March as
repression of trade union
activity continued in many
parts of the world, the Interna¬
tional Confede ration of Free
Trade Unions (ICFTC) says in
a repor t publis hed today.

The ICFTCTs annual report
to the International Labour
Conference In Geneva cites
abuses of trade union rights In
85 countries, including 2,000
mw gf detention and numer¬
ous instances of death threats,
abductions, disappearances,
haramroiept Spying.

Colombia - where over 50
trade unionists were murdered
in the survey period - China,
Guatemala, El Salvador, Iran,
Peru, Sudan and Sooth Africa
“are the world’s most danger¬
ous places for trade union¬
ists”, t he repo rt says.

The ICFTV says an increas¬
ing number of companies,
often mnltinatiiMuik operating
in developing countries, are
resorting to dismissals to
oppose workers’ basic
demands. More than 50,000
workers were sacked In the
survey period for activities
recognised as legitimate under
international conventions, the
report notes.

It also draws attention to
evidence in a growing number
of countries of connivance
between managers, landlords
and local security forces.

Hie previous year's report
listed 264 deaths and 2,422
detentions, citing 72 countries.

At t f-ygE a ■■ - ■■ v

» * Jr. 1

vv ■ ftrSfe:

-*?**.' 1

* 4 / >y

r . «:•

Massacre arouses fury in S Africa

By Philip Gawtth in
Johannesburg

THE ALREADY tense relations
between the South African
government and the African
National Congress (ANC) were
pushed dose to breaking point
yesterday following the massa¬
cre on Wednesday night of
nearly 40 people in the Boipa-
tong township south of Johan¬
nesburg.

The incident follows the
start earlier this week of an
ANCs mass action campaign,
aimed at breaking the deadlock
in constitutional negotiations.
The government had fiercely
criticised the campaign, saying
it would aggravate the high
levels of violence in the town¬
ships.

The massacre will compli¬
cate prospects for reaching
agreement at the Convention
for a Democratic South Africa
(Codesa), the constitutional
negotiating forum, where rela¬
tionships between the govern¬
ment and the ANC have deteri¬
orated sharply in the past few
weeks.

Following a trip around the
: township, near Vanderbijlpark,
yesterday Mr Cyril Rama-
phosa, ANC secretary general,
said; “This type of violence
could lead to negotiations
being derailed. The negotia¬
tions process is going through
a stage where it is bang jeop¬
ardised by the government-*

He added: “The collective
charge sheet against the apart¬
heid government is being

drawn up and President de
Klerk is accused number one.”

Most witnesses of the attack,
which left at least 37 and possi¬
bly as many as 50 people dead,
said it was conducted by resi¬
dents of the nearby Kwama-
dala hosteL There have also
been suggestions of police
involvement.

The hostel, which houses
residents for the nearby Iscor
steelworks, is known to be a
stronghold of the mainly Zulu
Inkatha Freedom Party.
Inkatha yesterday denied any
link to tiie massacre and chal¬
lenged the ANC to provide con¬
crete evidence of the involve¬
ment of hostel dwellers.

The failure of the govern¬
ment to curb violence has long
bran a main point of conten¬

tion between it and the ANC,
which has repeatedly accused
the police of complicity or
indifference to acts of violence
against black people.

The government will proba¬
bly link the massacre to the
climat e created by mass action.
Captain Craig Kotze, a police
spokesman, said yesterday: “It
is now quite obvious that the
political temperature has been
pushed unacceptably high
[by mass action] and has
created a climate which
can make incidents such
as these that much easier to
happen.”

A police investigation has
been launched Into the attack,
which is believed to be the
worst single incident of vio¬
lence in nearly 18 months.

NZ targets UK
immigrants

By Terry Hall In Wellington

Palestinian peace team meets Arafat

By Hugh Camegy In Jerusalem

SENIOR PALESTINIAN delegates to the
Middle East peace talks last night held
their first public meeting with Mr Yasslr
Arafat, chairman of the Palestine Libera¬
tion Organisation, in a pointed challenge
to Israel a few days before next week’s
general election in the Jewish state.

. The carefully staged encounter in
Amman was accompanied by an appeal by
Mr Yasser Abed-Rabbo, a senior PLO exec¬
utive committee member, for Israelis to
“vote for peace” in next Tuesday’s polL
He said there would be little optimism if

the ruling Likud party returned to power.

Although Mr Abed-Rabbo did not men¬
tion the opposition Labour party by name,
the right wing is bound to use his words
to portray Labour, which supports a more
conciliatory stance in the peace talks than
Likud, as being supported by the PLO,
Israel's great enemy.

But this did not deter the PLO going
with last night's event at whteh Mr
Faisal Husseini, the leader of the Palestin¬
ian negotiating team, Mrs Hanan Ash*
rawi, tee spokeswoman, and Dr Haidar
Abdel-Shafi, the chief negotiator, met and
embraced Mr Arafat In front of reporters

and cameramen summoned for the event

Israel has insisted on keeping the PLO
out of the Middle East talks and Israeli
law bars any contact with the PLO. The
negotiating team have had several previ¬
ous private meetings with Mr Arafat,
which the Israeli government chose to
Ignore. But the public flaunting of Israel's
position on the eve of elections may force
Mr Shamir to take some action.

“This Is the last step to reaffirm that
the PLO Is the reference for the Palestin¬
ian delegation to the peace talks,” said Mr
al-Tayyeb Abdul-Rahmin, the PLO's
ambassador to Jordan.

NEW ZEALAND is to target
the British Isles this year in a
pilot programme to attract
“quality’’ migrants.

The emphasis recently has
moved from promoting migra¬
tion to New Zealand in Britain
towards attracting immigrants
from round the world. This has
led to substantial numbers of
Asians gaining citizenship.

While there is no change in
what is, in effect, a global
quota of 25,000 a year, the new
scheme is expected to see .4,000
British migrants this year com¬
pared with 3,000 last year.

Cumbersome rules -. such
as intending migrants mart
first have job, and no New Zea¬
land resident should be able to
do ft - have been relaxed. ’

Turkmens revert to the days of the Khan

Steve Levine on the certain result of Sunday’s presidential election in Turkmenistan

V OTERS go to the polls-— system has just passed back to position as wen is the absence natural gas and oil - lejOOObr

on Sunday to elect a the old way.” More to the of Moslem fundamentalism cubic metres of proven nature

president in the former <. ■ point, said an ethnic Turkmen, despite a largely Sunni Moslem gas reserves and 213m. tonnes

V OTERS go to the polls
on Sunday to elect a
president in the former
Soviet republic of Turkmen¬
istan. They know who the win¬
ner will be. Mr Saparmurad
Niyazov, the former Commu¬
nist party boss, is standing for
a further term and has brooked
no opposition.

A committee of the repub¬
lic’s compliant ruling council
approved bis candidacy and
allowed no others to register.
The state-run newspapers and
just about everyone on the
streets say no one really
minds.

Mr Niyazov has clearly
instilled fear In the local popu¬
lation - few will criticise him,
even privately. The ubiquitous
response to anything but rou¬
tine questions about Mr Niya¬
zov is, “People don’t speak
about that”

At the same time, political
analysts add that Turkmens
look for central, strong leader¬
ship, and note that Mr Niyazov
won the October 1990 election
with 983 per cent of the vote.
“If you had all the possible
opposition candidates regis¬
tered, possibly Niyazov’s vic¬
tory would be only 92 per
cent,” said a western resident
The Benetton shop ln down¬
town Ashkhabad purveys, for
hard currency, a colourful

Jzbekisten

Turkmenistan

$MfafchabadO

Afghanistan

SOOrotaa
800 tas

selection of beachwear. And
buyers snapped up five new
Renaults this monte at the for¬
mer Soviet republic's first
western trade fair. But moder¬
nity is coming only fitfully to
Turkmenistan, which is still
ruled largely like the nomadic,
desert kingdom it once was.

The conservative Mr Niyazov
is in many ways as powerful as
was the Khan of Mere whom
the Bolsheviks destroyed.
Turkmenistan’s series of
Khans had power of life ami
death over their subjects
before the 20th century.

“Communism here was just
the old feudalism in red col¬
ours ” said a Russian who grew
up in Ashkhabad. “Now the

system has just passed back to
the old way.” More to the
point, said an ethnic Turkmen,
“In this country there are not
laws. There are instructions.”

Mr Niyazov was educated in
St Petersburg and is Russified.
Indeed, be is said to consider
Russia something of a big,
wiser brother, to be consulted
on the various foreign propos¬
als that cross his desk.

Mr Niyazov rose through
Party ranks and was appointed
Turkmenistan's first secretary
by then Soviet President Mik¬
hail Gorbachev in 19%. He is
an engineer by education and
is married to a Russian. His
excellence as a political strate¬
gist. was demonstrated by his
survival after the Soviet
Union's collapse in December.

In a land where, until rela¬
tively recently, yon had to be
able to recite your tribal back¬
ground and ancestors for seven
generations to get anywhere,
Mr Niyazov is an orphan with
no provable ancestry at alL

In addition, though, there is
the former Communist party
structure built up over tee last
seven decades. Mr Niyazov jug¬
gles teem. “His power comes
from the past, and from his
personality. He’s a very capa¬
ble man,” said an Asian
scholar on the region. Helping
to strengthen Mr Niyazov's

position as wen is the absence
of Moslem fundamentalism
despite a largely Sunni Moslem
population.

Mr Niyazov has concentrated
power in his office and that of
two lieutenants. They are his
trade minister, Mr Valeri
Oteersov, an ethnic Russian;
and his investment committee
director, Mr Atah Chariov, who
has ancestors from the impor¬
tant Tekke tribe of Mare.

This concentration malms Mr
Niyazov's 16-member ruling
council largely superfluous,
and frustrates investment ini¬
tiatives by foreigners and
locals alike.

As factories and flats quickly
go private throughout tee for¬
mer Soviet Union, Mr Niyazov
has declared that in Turkmen¬
istan no dwelling shall be sold
for a decade, and that too state
will relinquish no share Of its
enterprises.

Mr Niyazov's conservatism is
rooted at least partly in fear of
the business “mafias”, that
have sprung up elsewhere in
the former Soviet Union,
according to state officials. “If
we give up state property to
private people, there-will just
be a lot of theft," said Mr Abdi
Kuliev, foreign minister.

Western and regional inter¬
est has been high. The wealth
expected from Turkmenistan's

natural gas and oil - 10 jOOObn
cubic metres of proven natural
gas reserves and 213m tonnes
of oil. according to the state
- has attracted ample atten¬
tion. Turkmenistan Is negotiar
ting to snpply Ukraine’ .and
other republics for hardicur-
rency, while Italian interests'
are seeking to arrange a barter •
deal under which they would
finance a refinery. But foreign
approaches have so far ruir up
against the republic’s go-slow
attitude to development
. Its location between China to
the east and Iran and Turkey
to the west and south are also
selling points. One project
going ahead is a venture with
Iran to build a railway which
provide the final link of a track
from Beijing to Istanbul.

Mr Niyazov has lavished
attention on his frequent for¬
eign visitors, housing some in
tee old Communist party hotel
and' holding banquets in their
honour. But thfa attention-
representatives, of General
Motors and Rank Xenix , bare-
cafled this month . - bas net
quickened his pace of reform.

He apparently feels in no
tush. “Ibe people here have
nothing against tee oId tradi¬
tions," said a Russian piuSes-
sional based in Ashkhabad.
“That’s why Niyazov’s position
is quite stable”

r

MR Anand Panyarachun, the
qftai prime minister, yesterday
called for close co-operation
between tee government and
the private sector to revive tee
country’s economy and avoid a-
repeat of last month’s political

violence. j .

His comments, made in his
first speech since his deadlock¬
breaking appointment on June
10 , referred indirectly to two
key issues that need to be
resolved if public confidence Is
to be revived.

These are the kind of govern¬
ment that will emerge after
elections in August or Septem-
her, and what will happen to
miH tary commanders who are
still in their posts despite
being blamed for using weap¬
ons of war to suppress demon¬
strations in Bangkok Heaving
more than 40 protestors killed
and several hundred missing).

Mr Anand echoed the views
of many analysts by attribu¬
ting tee conflict to the failure
of the political system, tradi¬
tionally dominated by the mili¬
tary, to keep up with the rap¬
idly expanding business sector.

His call for a greater busi¬
ness role in easing political
tension as well as in devising
economic policy coincided with
moves by a group of leading
business figures to promote
“better” politicians.

The group announced yester¬
day it was setting up a fond to
support candidates it believed
would be less likely to boy
votes and to engage in the poli¬
tics of power and personal
patronage that led to last
monte's protests.

Members of the group said
they would boycott members of
the five coalition parties whose
decision to back as their prime
minis ter General Suchinda
Kraprayoon, former army
chief, triggered the anti-mili¬
tary campaign.

Mr Anand made his speech
at a seminar organised by
industry, trade and banking
associations. A former diplo¬
mat and businessman himself,
he said he had accepted the
invitation because tee business
community was determined
not to allow a repeat of the
conflict He also said he would
use closed-door diplomacy to
work out a face-saving compro¬
mise on the future of the mili¬
tary leaders.

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V ^ANCaAL TOdES FRIDAY JUNE 19 1992

NEWS: AMERICA

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In WMdUng^ofi

OFFICIAL figures showing a
sharp rise in the US merdaan-
<2se trade-deficit in A pril pro¬

day erf possSbte adverse trade
trends Intertills year, if the DS
economy costumes to revive
- and- demand reman® subdued
elsewhere.. •

The deflett lumped from
SSAbn in March to $7bn, the
greatest shortfall 'for 17
raonfits, the Commerce Depart¬
ment sakL

pM» caM apecteddeteriomtiop
reflected the-combined im part
of a jranp in imports and a fall
in exports.

Wall Street analysts were
taken by surprise, having fine-
cast a deficitof about $5-7bn.

The deterioration in April,
however, overstates the rate at
which the deficit is widening.
For the first four months <tf the
year, the deficit grew modestly
- to $2USbn compared with
32&Sbn lari year. Exports were
up &5 per cent relative to last
year.'---' •'•-••■ !

• Separate figures yesterday
for weekly, unemployment
insurance claims indicated
continuing softness in US
labour markets. Claims tell
2,000 in the weekending Junes
to 407,000.

A. significant improvement
in Joh pmapacta is gntgr partofl
so long'as the dafahant total
remains stubbornly, above
400400. *.

Menem pushes for ;
second term . '

THE campaign to amend
Argentina’s constitution and
allow Pxerident Carlos Menem
to seek a second tom formally
begins today ta ins home prov¬
ince of LaRfeia. w&hacaufer-
ence -of Fenadri party provin-
dal legiriatos, John Barium
reports from Buenos Aires.

Mr Menem, who is . near the
middteaf his six-year term, has
forcefully instructed Peronist
peaty leaders to fight for an

a n ^ m dinflBt, while effltming hi

public that he Is not partico-
lariy i nte rested in rodactfon.

spending axe
supercollider

By George Graham
to W ashingto n

TEXAN politicians yesterday
began a desperate rearguard
action to ay to save the Saper-
conductiag Supercollider, after
tiie Bouse of Representatives
voted to kill tbs $8bn scientific
research project

The supercollider's goal fa to
find out mors about subatomic
particles by smashing them
against each other in a 54-mfie
oval tunnel, now under con¬
struction near Waxahachie,
Texas.

But tiie project, derided by
its critfcs-as a pork-barrel
scheme with no scientific
value, appears to have &Hen
victim to Congress’s new
enthusiasm far cutting expen¬
diture. •

“The House was looking for
a blood sacrifice and they

found it in the Supercollider, M
said Congressnan Joe Barton,
in whose district Waxahachie

lips

Supercollider funding could
be restored by the Senate, but
its leading backer there, Sena¬
tor Bennett Johnston of Louis¬
iana, warned yesterday that it
faced an uphill fight.

The spending axe in Con¬
gress has been much sharp¬
ened by a recent surge of atten¬
tion to the spiralling federal
budget deficit A bid to amend
the constitution to require the
government to balance its bud¬
get narrowly felled last week
to win the necessary two-thirds
majority in the Hoese.

After signalling their attach¬
ment to the principle of fiscal
rectitude, the 280 members
who voted for the constitu¬
tional amendment appear to be
shy of showing hypocrisy by

voting so soon afterwards for
lavish spending projects.

House committees have
agreed In recent days cuts in
defence spending - and even
in tiie Congressional operating
budget

The supercollider has bad its
critics since it was proposed in
1386, among them scientists
who feared it would take
almost all the federal money
available for scientific
research- The administration
claimed at first that it would
cost $5-3bn, but its estimate
hire rinffl risen to $&2bn, and
critics’ estimates run to more
than illbn.

Texas chipped in glbn in
order to lure the supercollider
to Waxahachie, bid the admin¬
istration hire claimed all along
that a quarter to a half of the
cost would be met by foreign
participation-

Brighter prospect of
US help for Russia

By Jnr«k Martin, US

■■ , v— Ml, — 1 r -■ —-

- tunuT| sai IvBBtufiQIOfi

THE prospects for
Congressional a p p rov a l of the
US contribution to the $24bn
international assistance pack¬
age to Russia havB been modi
improved, but not guaranteed,
fay President Boris Yeltsin’s
speech to the US legislature on
Wednesday.

Yesterday, Mr Bill CBnton,
the prospective Democratic
presidential wmiBitutB, had
breakfast with the Russian
president and afterwar ds urged
Congress to take swift action.

Mr Clinton reeled any link
between the provision of assis¬
tance and Russian progress in
identifying US prisoners of war
who may have been held on
Rntebm sail *We have no rear
son to believe that he {Mr Yelt¬
sin] will not proceed in com¬
plete good faith on that We
would not even know about
that issue had he not raised
ft," Mr canton said. ’

The Congressional leaders
stffl have not set a 'date for
formal consideration, of the aid
packag e , the grandly titled

Freedom Support Act Yester¬
day. Senator John Warner, the
Virginia Republican, predicted
a vote *Tn a week or 10 days.”

Mr Yeltsin's speech and per¬
sonal lobbying seem to have
swayed doubters on both the
j tepnhihMiTi right and Demo¬
cratic left.

The most conspicuous con¬
vert was Senator John McCain,
the Republican from Arimna
mid a former prisoner of war.
while Senator Patrick Leahy,
the Vermont Democrat and
sceptic (Si the efficacy of aid to
ftr jifirifl, that the Yelt¬

sin speech “Will win him a lot
of votes. 1 *

However, Congress still
expects President George Bush
to follow the -successfol sum-
udt by canvassing hard In the
days to com e on ffa pn+ni HHL
T V president said he thought
support in Congress for Rus¬
sian aid was now “overriding-”

cxHrai voices still resound,
even so. Far example, Mr Ray
Ftynn. mayor of Boston, said
yesterday it was “outrageous”
that Congress should “bail
out” giwda while providing “a
pittance” to American dries.

Emergency
urban aid
package near

AN emergency urban aid
pm-kng g looks set to come to
fruition-in the US, seven weeks
after the Los Angeles riots
sparked a new political interest
in helping tire distressed timer
dries, reports George Graham
far Washington.

The House of Representa¬
tives was due to vote on the
urban aid Mil yest e rd a y, after
a hard-won compromise
between Democratic Congres¬
sional leaders and the Republi¬
can White House.

The final package roughly
splits the difference between
an artmhii«g«r aHfin- b?^Vpd pro¬
posal to provide gSflOm of disas¬
ter aid - to cover the damage
caused by the Los Angeles
Tint* as well as the Chicago
floods in April - and a more
ambitious Senate pfen. The lat¬
ter's proposals, backed by
Democrats but also by some
Republicans, would have added
$L4bn more for summer job
creation, youth and crime-
fighting programmes.

Argument over these propos¬
als has held up action to help
the dtfes for weeks.

Venezuela

trims

growth

projection

By Joe Mann In Caracas

Venezuela has reduced its
economic growth projections
this year to *6 per cent, from
the 5-6 per cent or more fore¬
cast at the start of the year,
Mr Pedro Rosas, finance minis¬
ter, said.

Dim to lower than expected
world oil prices, the central
government and FDVSA, the

national oil company, have
both ordered big budget cats,
thus reducing projected eco¬
nomic growth from the record
high expansion of 9J per cent
in 1891-

It is stfil uncertain what
Impact Venezuela’s ongoing
poetical crisis smf ^ the accom¬
panying uncertainty will have
mi the'economy. Last Febru¬
ary, a group of army officers
tried unsuccessfully to oust
the government of President
Carlos Andris Perez. Since
then, the country has been
afflicted by violent anti-
g overnment protests.

T Ph« minister wM the gov¬
ernment was now expecting a
gp pyral fiscal Hgftrft of about 5
per cent of GDf for 1982. Of
this, 3.5 percentage points
would be caused by PDVSA’s
ongoing capital Investment
programme while US points
would be due to the central
governments shortfall.

PDVSA Will nnanr* most of
Its deficit through Interna¬
tional credits, the minister
said. In Apr il, Mr Gustavo
Roosea, PDVSA president, said
Mm company’s external debt
was g£.17bn and its obliga¬
tions to Venezuelan the
eqptivMeiit of |928m.

The Venezuelan government
registered surpluses in its can-
soMated budgets is both 1590
and 1991. The national oil
muwyny provides the g overn-
meut with most of its tsr reve¬
nue, and officials now expect
petroleum exports this year to
total abort flOSfm - down
from an —diw of

glSJShn. -

Despite the political prob¬
lems, foreign inv e stm ent dur¬
ing the first four months of
1902 was cunsMpiahjy higher
titan for the equivalent period
last year, Mr Rosas srid.

Perot factor unnerves
the Mexican market

US commitment to Nafta dents expectations of an
imminent economic miracle, writes Damian Fraser

R OSS Perot as US presi¬
dent may still be
unlikely, bid the pros¬
pect of a dose US pres identia l
race this autumn Is causing

inr wMKiiwg anrte tv anwng Mex¬
ican officials and, more signifi¬
cantly, investors in the coun¬
try's volatile stockmsrket.

The Mexican Balsa fell 12 per
cent in the first throe days of
the week, partly recovering by
yesterday. The plunge was in
part because of Mr Perot’s
(admittedly Inconsistent) decla¬
rations against the proposed
North American free trade
agreement. The fear Is not just
that he might win, but that his
popularity might force. Bill
Clinton, the Democratic candi¬
date, and wavering congress¬
men to be much mare dreum-
spect in their support for the
agreement

Although Mexico's economy
is In its best shape for at least
20 years, the country remains
acutely dependent on events in
the US. Some 70 per cert of
Mexico’s trade is with its
northern neighbour, and if US
growt h were to remain slug¬
gish, Mexico’s exports would
suffer. More Inip^rfam^ U*da>
is likely to run a current
account defidt of more titan
Sifibn Wife year, and d e p en d *
on mainly US fc i ito w to
plug the gap.

If the political uncertainty
engendered by the Perot candi¬
dacy affects the US economy.

-Itoxlco' :

1 FC tndexto glanfla ^

Itfoo

.*WL

thnw suffers too. Add to
that the fear that Nafta will
not be passed, and the recent
gloom in Mexico becomes
under st andable
Nafta matters, says one
investment banker visiting
Mexico, hfiMnu p will encour¬
age fond managers to treat
Mexico as part of North, rather
than TaHn, America Mwfhnm

risk will fall appreciably, and
Mexican companies will thus
be valued more iflrg US thaw
say Brazilian cues. For a coun¬
try which culturally and politi¬
cally is much closer to most

T.atin Ame rican nations thaw

the DS. that is quite a feat

The inconristenl stance by Ross Perot (left) on Nafta
troubles President Carlos Salinas’s government

Mr Jorge MariscaL an ana¬
lyst at Goldman Sachs, pot the
case for the agreement suc¬
cinctly. "For investors consid¬
ering Mexico it (Nafta] means
an historical shift in M«*waw
attitudes towards its northern
partners und therefore a dras¬
tic reduction in the perception
of risk. Under Nafta, Merino
would find it very difficult to
revert to the protectionist,
interventionist economic mod¬
els which characterised the 70s
and 80s". If the agreement is in
doubt, the reverse logic can be
applied.

The Mexican government is
probably kicking itself for not
starting the free trade talks (in
earnest) until September last
year. Like almost everyone
else, they overestimated the
popularity of US President
George Bush, ami believed that
his commitment to a free trade
agreement was enough. Now
they will have to sit through
the next six months, quietly
cheering on George Buabr
while malting discreet over¬
tures to Bill Clinton.

The government has argued
that the underlying economy is
in good shape. Mexico's total
debt to GDP ratio is 79 per
cert, against 74 per cent when
President Carlo * Salinas came,
to power, suggesting that
•frtortra* Vigg put the debt m-fefe

h»MwH it. TnflnHrm Jg faTUwg

and is likely to be around 12
per cent rids year, while the
budget is in surplus. With or
without Nafta, tin foundations
for stable economic growth
appear to have been bunt

The trouble is that Nafta has
raised expectations of an immi¬
nent “Mexican miracle”. This
year alone Mexican companies
have fanned an estimated $4bn
in equity, in an attempt to
raise capital in anticipation of
integration with the US. Ban-
acd, the financial group com¬
prising Mexico's largest hank,
was phuming to issue $L5bn of
new equity next week.
aWhm^ fha recent foils in the
stockmarimt mean it may have
to offer fewer shares, at a dis¬
count. Many famine and compa¬
nies in line to issue stoek after

Banaca may now postpone.

targets t
iigrants

f

’s decisive edge

Central control console of die
Gmtnuac P process control systmi
- -frflBi Hartmann & Braun at die
IMwn sugar factory m Germany.

x.

v-'

£?. i

\ Monitoring, regulation
and control - all in one

Rush hour in the sugar factory:

More than 14,000 tonnes ofbat rofl onto
the conveyor belts every day at the
bright of production.% die process
control system from MkoneamB
Hartmann & Braun keeps everything
moving right around the dock - monitor-
. it^r^nlatmgandcontrollmgall the

washing, extraction, cleaning, separation,
boiling, evaporation, drying, and Riling
operations, Qedromc sensors pick np aS
the information necessary, enabling
the automatic control system to keep the
process simmering around optimum.

The result: Savings in taw materials and
energy, less burden on the environment,
greater plant protection and a reduced
operative workload.

Mannesman!! buSds plmls and maHrmrry,
nukes systems and aunponeatx far the automotive
iinlm.try t jaan snetnres hyAan Bq electric and
nnmmatic drives and contivk, develops and

Km ^K n r iHi w m ; Mntnmiaintf and mlnrmati nn
_ , provides trbrommnmrstiim services,
produces ss^d tube and pise, and trades on a
worldwide scale. Income frm sales earned by its
125MB cmpktjtts besinthe ngkm ofDM 24 bd-
Uojl

technology

ManDesmann AG

D-4000 Dusseldorf 1

L.

6

FINANCIAL TIMES FRIDAY JUNE 19 1992

NEWS: UK

Union urges
inquiry into
Courage
pension fund

By Hfcbwd Smith,
labour CorrMpoittfftrtt

CITY regulators have been
asked to Investigate the pen¬
sion fund manager of Courage,
the brewer, after the fund was
forced to write off a £I 0 m
investment In a company
related to Foster's Brewing
Group, Courage's Australian
owner.

The Transport and General
Workers' Union has written to
Imru, the self-regulatory body
for the fond management
industry, urging an inquiry.

The union also wants Imro
to Zook at the separation of the
fund management from the
main company. The invest¬
ment manager tor the fund is
Pyrford International, formed
by the managers of Bide re
Investment Management in
early 1991 in a buy-out from
Foster's, then known as Elders
lXL»

Courage said that since the
write-off in 1990-91 the trustees
had. decided to invest no fur¬
ther money in companies
related to Courage and Fos¬
ter's. The pension fund also
owns the head office of Cour¬
age, at Staines, Middlesex.

Amu said It was considering
the TGWtJ letter and had had
talks with the Occupational
Pension Board, Courage, the
fund trustees and the union.

The TGWU request follows
the appointment of receivers
earlier this month to Mr John
Elliott's International Brewing
Investments, which had a 32
per cent stake in Foster's.

The receivers were appointed
by BHP, the Australian energy
and steelmaking company, fol¬
lowing the end of a morato¬
rium on interest payments an
about AS2J>bn of debt acquired
by IB1 to finance the purchase
of Its Foster's shareholding.

In a letter to Imro at the end
of May, Mr Brian Revel!,
TGWU acting national official,
said his union and its Courage
members had been concerned
for some time that the owner¬
ship structure had major debt
problems.

The £ 10 m pension fund
write-off followed an invest¬
ment of that amount in 1968 in
Hariin Holdings, now known
as International Brewing Hold¬
ings, which was used by Mr
Elliott and others to buy
shares in Foster’s.

According to the fond trust¬
ee's report for 1990-91, the
investment has "like other
leveraged stocks, seen Its mar¬
ket value tumble in 1990".
Courage said the write-off com¬
pared with funds under man¬
agement last June of £ 288 m_

Government emphasises significant drop in average earnings

Jobless rate climbs to 9.6%

By Emma Tucker,
Economics Staff -

THE NUMBER of people out of
work in the UK climbed to
more than 2.7m last month, the
highest level for neatly five
years.

Although the 21300 rise in
the jobless total in May was
s maller than most economists
had forecast, it pushed the
unemployment rate to 9.6 per
cent It followed a rise of 42,600
in April

With convincing signs of eco¬
nomic recovery stfll absent at
the end of a week in which a
string of economic statistics
1ms been released, the govern¬
ment yesterday pointed to a
slowdown hi the average rate
of increase in unemployment
^nd a significant drop in the
rate of growth of average earn¬
ings.

Commenting on the unem¬
ployment figures Mrs runfam
Shephard, the employment sec¬
retary, said: “The average rate
of increase in unemployment
in the latest three months is
the smallest recorded for any
three-month period since the
three months to September
1900."

In the three months to May

UK unoniplfl^meht

H Northern Ire land
gSgNorlh 11.19

0 north-west ' 10.5%

mlU

Qwest Midlands

105% W ^ f I2-.. -o

..V

aaw* TW • -A

B Yorks ft Hu mber
B Wales
El Scotland
□south-east
□south-west

Q east Midlands
flEastAngSa

UNITED

KINGDOM

unemployment grew by an.
average of 23J300 a month com¬
pared with. 29,400 In the three
months to ApriL

The number of people out of
work, has risen by 70 per cent
since unemployment levels
started to go up 25 months ago.
The Department of Employ¬
ment's estimate of tits trend is
for It to continue to grow by
between 25,000 and 30,000 a
month for the rest of the year.

Other figures from the
Department of Employment
showed that average earnings

growth eased to 7 per cent in
the year to April In spite of
foiling inflation and rising
unemployment throughout the
recession, this was the lowest
rate of earnings growth for 2S
years. It is expected to carry on
foiling as lower pay settle¬
ments in. the second half of last
year teed through to the index.

The slow-down in average
earnings growth contributed to
a sharp (hop in unit wage costs
and a rise in productivity In
April Mrs Shephard said that
the containment of wage costs

would help to protect and cre¬
ate jobs,

Hr Tony Blair, Labour's
employment spokesman,
described the rise in the jobless
total as dire.

"B Is now dear that the gov¬
ernment's pre-election prom¬
ises of a quick economic recov¬
ery have evaporated in the
postetection light of day," be
said. Unemployment increased
in aH parts of the UK but con¬
tinued to rise fastest in Loudon
and the South-East

Since May last year the num¬
ber of people out of work in
this region has risen by 2.4 per
emit with me in 10 now unem¬
ployed. The seasonally
adjusted month-on-month
increase of 10,100 was more
than three times the size of
monthly Increases elsewhere.

Other regions where unem¬
ployment rose faster than aver¬
age included the East Mid¬
lands. the West Midlands and
the South West The lowest
rate of 'increase was in Scot¬
land where unemployment was
only Oil per cent higher than a
year ago. The unemployment
rate for mm was 129 per cent,
significantly higher than the
rate for women which was 5.2
per cent in May.

Major determined to keep
EC enlargement on track

By Philip Stephens,
Political Editor

MR JOHN MAJOR, the prime
minister, last night underlined
his determination to prevent
uncertainty about the Maas¬
tricht accord from derailing
British plans to place the
future enlargement of the EC
at the centre of its community
presidency.

In talks in Downing Street
with Mr Anbai Cavaco Silva,
the Portuguese prime minister,
Mr Major said' he wanted next
week's Lisbon summit to give
a clear signal that the EC was
ready to accelerate negotia¬
tions on the entry of the EFTA
countries.

' Mr Mhjor plans to use the
British presidency to lay the
groundwork for detailed nego¬
tiations with Sweden, Norway,
Finland and Austria in the
first half of ne xt year.

Assuming that the result of
the Irish referendum on Maas¬

tricht today is positive, the
British prime minister also
wants the summit to give the
go-ahead for work to define
more closely the responsibili¬
ties of the Community.

Spelling out the implications
of the "subsidiarity" provision
is seen as a key element in any
deal to allow Denmark a sec¬
ond referendum which might
endorse the'treaties on politi¬
cal and monetary onion.

Mr Major would like during
the British presidency to
shelve Mr Jacques Delons' pro¬
posals for a forge increase to
the Community's resources.

In spite of the dear rejection
by EC finance ministers of any
increase on the scale recom¬
mended' by the Commission
president, however, British
officials believe Spain will lead
a group of southern countries
determined to keep the issue
on the agenda.

So Mr Major will be looking
for a political declaration from

the 12 leaders which signals
that the EC must respect the
game budgetary constraints as
national governments. The aim
would then be to agree a mod¬
est increase in resources at
December’s Edinburgh sum¬
mit

In the House of Commons
yesterday Mr Major repeated
his insistence that Britain
would not follow Denmark,
Ireland and France in holding
a referendum. He said such a
vote would fall outside
Britain's traditions of parlia¬
mentary sovereignty.

The cabinet deferred until
next week its formal decision
to endorse Mr Delors for the
another two years. The defer¬
ral was intended to frustrate
Conservative Euro-sceptics’
opposition to Tory backing for
the current president. Minis¬
ters will approve the re-ap¬
pointment just a few hours
before Mr Major flies to the
Lisbon summit on Thursday.

British Rail
losses rise
to £150m

FULL LIST OF CHARGES

against Kevin and Ian Maxwell and Larry Trachtenberg

The full charges faced by Kevin Maxwell, Ian Maxwell and Larry
Trachtenberg are:

By Richard Tomkins

BRITISH RAIL is about to
announce that its losses for the
year to March have Increased
sharply from the previous
year's £L09m to a worse-than-
expected £l50m.

The scale of the losses will
greatly Increase the govern¬
ment’s difficulty in stimulating
private sector Interest in Its
plans to denationalise BR.

Ail the passengers sectors
have suffered a decline in reve¬
nues, partly because commut¬
ing has declined with the rise
in unemployment and partly
because fewer people are trav¬
elling for leisure or shopping.

Inter<Sty, which has been
profitable for the past five
years and receives no govern¬
ment subsidy, is believed to
have turned in an operating
profit of barely £5m compared
with the previous year's
£49.7m. The two subsidised sec¬
tors - Network Southeast,
wtuch lost £1549m last year,
and Regional Railways, winch
lost £503.4m - will report
heavy increases in their losses,
although, these will be mostly
offset by increases in govern¬
ment grants.

KEVIN MAXWELL

1 That you did. together with Larry Trachtenberg on divers days
between May l and December 10 1991, conspire together to
defraud the Swiss Bank Corporation of £55,783,468.76 by dishon¬
estly being party to the sale of securities belonging to the First
Tokio Index Trust Ltd which you knew was contrary to represen¬
tations and warranties given to the said bank.

Conspiracy to defraud contrary to the common law.

2 That you did, together with Larry Trachtenberg, on or about
September 30 199L, steal a portfolio of securities quoted upon the
Inter national Stock Exchange managed by Lloyds Investment
Management Ltd to a value of £7,009956 being the property of
MGPT Ltd.

Contrary to Section 1 Theft Act 1968.

3 That you did, together with Larry Trachtenberg, on or about
October 22 1991, steal a portfolio of securities quoted upon the
International Stock Exchange managed by Lloyds Investment
Management Ltd to a value of £12,446,703.56 being the property of
MGPT Ltd.

Contrary to Section 1 Theft Act 1968.

4 That you did, together with Larry Trachtenberg; on or about
October 22 1991, steal a portfolio of securities quoted upon Die
International Stock Exchange to a value of £5,067,292.86 being the
property of AGBPT Ltd.

Contrary to Section 1 Theft Act 1968.

5 That you did together with Larry Trachtenberg, on or about
October 311991, steal a portfolio of securities quoted upon the
International Stock Exchange managed by Invesco MEM pic to a
value of £12*175.215, being the prop e rty of MGPT Ltd.

Contrary to Section t Theft Act 1968.

6 That you did, on or about October 22 1991, steal a portfolio of
securities quoted upon the International Stock Exchange for¬
merly managed by Thornton Investments Management Ltd to a
value of £6939385.46 the property of MGPT Ltd.

Aerial power: a Sukho i Su 37 fighter, Nato co d e na m e Hanker, was put through its paces above London's Thames Barrier yesterday.
It is one of the most advanced fighters built in the former Soviet Union. The aircraft is equipped to carry apt to 10 air-to-air guided
missiles. Sponsored by a Russian Insurance company, the Flanker Is visiting Britain for the Biggin HUI air show In Kent, where it is
part of a newly-established Russian aerobatics team called The Test Pilots Photograph by Gian Gam

load Freight, the bulk freight
business, is expected to turn in
a profit, losses at Raflfrelght,
Distribution are believed to
have worsened from the previ¬
ous year's £152Jm.

Britain in brief

Shorts cuts
400 jobs as
demand falls

fu rther signals about a modest
upturn.

Lending by these groups to
companies and individuals
rose by a seasonally adjusted
£3bn last month, aftera £5.lbn
increase in April the Bank of
England said yesterday.

The message about increased
demand for credit was sup¬
ported by tiie British Bankas*
Association (BBA), which said
its nine member banks
increased lending by an
adjusted £ 2 J 2 bn in May, after
£2.6bn in April

Bus companies
to be sold off

Shorts Brothers, the Belfast
aircraft and missiles manufac¬
turer, has announced 400 job
losses, blaming the recession
fa felling demand and sales.

Shorts, acquired by Cana¬
dian transportation group.
Bombardier, In October 1989,
has given 90 days’ notice of
(he lay-offs to the department
of economic development.

The company has already
ceased production of the
FD360 commuter aircraft, and
is running down production of
the 323 Sherpa military air¬
craft for the US Army and
National Guard. Shorts said
there would be some enforced
redundancies but efforts
would be made to keep them
to a minimum.

Public sector bus companies in
all Britain’s largest towns and
cities are to be privatised
un der plans being prepared by
Department of Transport.

They include state-owned
London Buses; the municipal¬
ly-owned bus companies in the
metropolitan areas of Greater
Manchester, Merseyside, South
Yorkshire and Strathclyde; and
other municipal bos companies
hi cities including Nottin gham,

Cardiff, Southampton, Hull and
Leicester.

Privatisation of the 35
companies will represent the
biggest shake-up of Britain's
bus industry since the priv¬
atisation of the National
Bos Company's 56 component
companies between 1986 and
1988.

‘Debacle’ risk

Agencies win
Revenue work

Private employment agency
staff will next month take over
some of the most confidential
and politically sensitive work
in government administration,
as the contracting oat of cen¬
tral government services gets
under way.

Personal secretaries, typists
and other support staff at the
Inland Revenue's new head
office building in Nottingham
wQL be supplied under contract
by Blue Arrow Personnel Ser¬
vices, The work contracted out
In both cases Involves handling
confidential correspondence
and sensitive policy papers.

England batsman Alec Stewart
(above) steers a ball past a
Pakistani fielder at Lord’s, on
the first day of the Engfond-
Pakistan test. The England
cricketer scored 74 before
being caught out by Javed
Mlanriart, the Pakistan na pferin,
E n g l an d were 2S5 all ouL

Problems at
N-waste site

on pensions

The Equal Opportunities Com¬
mission has warned the gov¬
ernment It risked “a debacle"
over its handling of the
equalisation of state pension
ages for men and women.

Large sections of the popula¬
tion would not know until too
late that (hey could be worse
off under pension measures
being considered by the gov¬
ernment, said the commission.
Women, In. particular, stood to
lose out if (heir age of entitle¬
ment to state pension was
raised from 60 to 65 - the
current retirement age for
men.

Lloyd’s may
fund extra
relief
for Names

By Richard tapper

in

UK lending
rises slowly

The second successive monthly
rise to lending by femiM and
building societies has provided

Geological investigations by
UK Nirex, the midear waste
consortium, into its chosen
rite for Britain's first under¬
ground repository Bar radioac¬
tive waste suggest it may hove
great difficulty arguing it
would be safe, according to a
new report by independent
consultants. Information from
the first four test boreholes
reveals that water in the rock
which would surround the
repository travels upwards.
into sandstone used as a
source <rf drinking water, says
the report by consultants
Environmental Resources.

Rembrandt sells
for £159,500

A print by Rembrandt, Christ
Crucified between Two
Thieves, has been sold for
£159,500 at Christie's, at the
bottom of its estimate. Exe¬
cuted in dryprfnt in 1653 the
print is extremely rare: inl 660
Rembrandt dramatically
altered the composition.

ft was the top price in an
auction of Old Master prints
collected In tee late 19te cen¬
tury by an aristocratic German
family.

LLOYD’S of London is
discussions with agents and
brokers at the insurance mar¬
ket to fund extra hardship
relief for Atones suffering in
recent losses, Mr Alan Lord,
chief executive of Lloyd's,
announced yesterday.

A folly fledged bail-out
scheme that would cap past
losses has been rejected as
''unviaMe'’, Mr Lord said.

finder the hardship arrange¬
ments, which are negotiated
individually, Names - the
individuals whose assets back
underwriting at the market -
are allowed to retain, a home
and modest income In return.
Lloyd's restructures their
debts. "We do not reduce them
to penury,” Mr Lord said.

Mrs Mary Archer, who chairs
the committee, said the council
had reached agreement with. 39
Names, while a total of 95
offers had been made. A total
of 1,185 Names had applied to
the committee. “Contrary to
popular opinion, Lloyd's has
never bankrupted, nor will it
bankrupt Names who wish to
meet their underwriting obliga¬
tions," said Lloyd’s.

Referring to the bail-out
schemes, Mr Lord said the
council had considered three
types of plan over the past two
months covering:.losses for
1989 alone; net losses for tee
1986-69 period; and a loan

ftrihama to hpJp Nam es faring

liquidity dlfflcukfes. AH were
rejected on a variety of legal
practical and commercial
grounds, Mr Lord. said. .

A plan to Emit Names' losses
from next year has been intro¬
duced, and its terms improved
foam, those recommended in
January.

Cumulative losses over a
four-year period will now be
capped at an amount equiva¬
lent to 80 per emit of their pre¬
mium income limit — the
amount the premiums they are
allowed to accept - rather
than the 190 per cent proposed.

Abandoning new
Tube extension
may cost £200m

The freight side has also per-1 Contrary to Section 1 Theft Act 1968. ■ "•

' formed t»cfly>Afthough TMafr* 7 November ^omand^ovemberE. 1*0,

“ - - - - steal one million itertitr.International Incorporated common

stock shares, belonging to Macmillan Incorporated.

Contrary to Section 1 theft Act 196a
8 That you together with Ian Maxwell and Larry Trachtenberg on
divers days between November 10 1991 and November 14 1991
conspired to defraud the .Swiss Volks Bank (the bank) of $35An
d is h on estly and falsely representing two officers of the bank:

(i) *raart Robert Maxwell. Group pic. was tire legal and beneficial
owner of 2.4m common shares in Berlitz International Incorpo¬
rated (the shares).

(ii) That Robert Maxwell Group pic had the right to execute,
deliver and to perform its obligations pursuant to a pledge agree¬
ment between tee bank and Robert Maxwell Trading pic.
fill) That the Robert Maxwell Group pic had good and t nu rk eto bfe
title to the shares, free of any and all security interests or
options, in favour of, .or chums of, any other person except the
bank.

Contrary to common law.

Iic<

i

«4 : . • i-y~v ’«•

. «r. ‘

■- V-7. -if

By Andrew TaytOr,
Construction Correspondent

The cost of abandoning the
£L7bn planned extension of
London’s Jubilee underground
line - under threat because of
the failure of Canary Wharf
office development - could be
more than £ 200 m according to
the London Docklands Devel¬
opment Corporation.

Olympia & York the develop¬
ers of Canary Wharf had prom¬
ised to pay £400m over 25 years
towards the cost of the line.
The Canary Wharf project last
month was put into adminis¬
trative receivership putting the
Jubilee Line extension in jeop¬
ardy.

The government has said it
will not go ahead with the fine
unless a purchaser can be
found for Canary Wharf which
would be willing to take over
Olympia & York’s contribution
to tee extension.

The London Docklands
Development Corporation
(LDDC) in a briefing paper sub¬
mitted to the Transport
Department says taxpayers
and shareholders of construc¬
tion companies have already
spent more than EiOQm in pre¬
paratory work on the exten¬
sion.

Loudon Transport it says has
spent £iOQm on bringing pre¬
liminary designs to the point
at which contractors can ten¬
der for work. Contractors it
estimates separately have
spent mm on preparing bids.

LD DC estimates that the
costs of aborting the extension
could be a further £35m to
£85m. It says that delaying the
work would only increase costs
as construction teams would
have to be rebuilt and bid
prices would be likely to rise.

Each one per cent increase
in price would add about £XSm
to the cost of the project said
tee corporation, ft wants the
fine to go ahead to give much
needed fillip to redevelopment
plans which have been affected

A potential bidder for
London Ri verb os, the loss-
making Thames service,
emerged yesterday with
plans to develop a commuter
network into the capital
using a fleet of 34 vessels,
writes Urn Burt

White Horse Ferries, a
Swindon-based company,
said it was discussing a
takeover of Rfverbns with
the administrators of
Olympia and York; the felled
developer of Canary Wharf.

OftY rescued RLverbus
from collapse three years
ago when it led a consortium
of property developers which
injected £2L5m to underwrite
sendees between Chelsea
and Greenwich. Since then
Riverbus has been operated
by managers seconded from
P&O, tee shipping company,
which owns the service In
partnership with O&Y.

badly by the collapse of the
property market

"Office and other space wiH
fill up very much more slowly
if tiie Jubilee Line extension is j
postponed or -cancelled,” it ]
says.

Contractors have submitted
bids for almost an of tee 10
mile extension. London Trans¬
port have already identified an
aH-ltallan consortium led by
Italstrade as being likely to
win the contract for the 2%
mile section between Canary;
Wharf and Canada Water on >
the south bank of the River j
Thames.

The LDDC refutes the view
teat government tends ear¬
marked for the extension could
be used for other transport pro¬
jects.

It says: “Even if the Trea¬
sury agreed to such an
approach, which is doubtful,
London Underground and Brit¬
ish rail would not be able to
bring sufficient projects for-
ward at such short notice."

LARRY STEVEN TRACHTENBERG

1 That you, together with Kevin Maxwell on divers days between
May 11991 and December 1991, conspired to defraud the Swiss
Bank Corporation of £55,783,466.76 by dishonestly being party to
the sale of securities belonging to First Tokio Index Trust Ltd
which you knew was contrary to representations and n»< r nan<f <»g
given to the said bank.

Conspiracy to defraud contrary to common law.

2 That you did, together with Kevin Maxwell on or about Septem¬
ber 301991, steal a portfolio of securities quoted upon the Interna-
tional Stock Exchange manage d by Lkjyds Investment Manage¬
ment Ltd to a value of £71)09,056 being the property of MGPT Ltd.

Contrary to Section 1 Theft Act 1968.

3 That yon did, together with Kevin Maxwell on or about the
October 22 199L stole a portfolio of securities quoted Upon tee
International Stock Exchange managed by Lloyds Investment Ltd
to a value of £12,446,703^6 being the property of MGPT Ltd. -

Contrary to. Section 1 Theft Act 196a

4 That yon did, together with Kevin Maxwell, on or about
October 22 1991, steal a portfolio of securities quoted upon the
International Stock Exchange to a value of £5.067,292^6 boing the
property of AGBPT Ltd.

Contrary to Section 1 theft Act 1968.

5 That you did, together with Kevin Maxwell, on or about
October 31 1991, steal a portfolio of securities quoted upon the
International Stock E x change managed by Invesco MQf plc to a
value of £12^75,215 bring the property of MGPT Ltd.

Contrary to Section 1 Theft Act 1968.

6 That you, together with Kevin Maxwell and fen MexwefL on
divers days between November M 1991 and November 14 V 109L
conspired together to defraud tee Swiss Volks Bank (the fe»nfc> of
$3S5m by dishonestly and Ealsely representing to officers of tiie
bank:

(I) That Robert Maxwell Group pic was the legal and beneficial
owner of 2.4m common shares in Berlifa International Incorpo¬
rated (the shares). - ; . T

00 That Robert Maxwell Group pic had the right to execute,
deliver and to perform its obligations persnant to a. pledged
agreement between the bands and Robert Maxwell Trading pic.
(Hi) That the Robert MaxwellGroup pic had good and marketable
title to the shares, free of any and all security Interests or options
in favour of, or claims of,any other person except the lank.
Conspiracy to defraud contrary to common few.

- rr_ *•

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--lorn;

laid;

10*

i^ar

IAN MAXWELL

1 That you, together with Kevin Maxwell and Larry Trachten¬
berg, did on divers daysbstween November If) and November 14.
1991, conspire together to defraud the Swiss Volks Bank fthe

at the bank:

© That Robert Maxwell Group pk was the legal and baieiGdal
owner of 2.4m common, shares in Beriibs International Incor¬
porated (the shares}.

(H) That Robert Maxwell Group pic had the right to execute and
deliver and to perform ffe dbfigafckras perauant te a pieds* agree¬
ment between the bank mxl Robert Maxwell TV »ftw pfr.

(Hi) That tiwRotertMaxwell Group pk had good and maricetabfe
title to the shares* tree Of any and all security interests options
to fevour ot or claims 0£ any other person- except foe-her*. * '
Conspiracy to defraud contrary to common law. -.

A £■ Ii ft

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^^ClAttrMES FRIDAY JUNE 19 1992

NEWS: THE MAXWELLS

C 5>*V

?0' r»i

*JS!

will and testament of Robert Maxwell

1, JUF ROBERT MAXWELL of
Headingtai nat IM, Oxford.

England, publisher, hereby
revoke dll WHb and J festamea■
-tary Dispositions- heretofore
made by me and declare this to
be ray-last whl

l appoint my wife, Elisabeth
Jeanne Maxwell; Ellis Freed¬
man, attorney-at-law. of the

Stato'.af- New-Yorip-niy sons,

Ian and Kevin Maxwell; my
daughter, Christine MaHna;
and each of my other children
who shall her actively en gage d
in' the executive senior man¬
agement (ie. being a Director)
ofrafly of. the group of compa¬
nies owned or controlled by
the Per ga m on Holding Founda¬
tion(PHF), or any other com¬
panies in publishing, printing,
communications or related
fields that are associated with
any of the said companies (col¬
lectively hereinafter referred to
as the . Pergamon Group (PG)>
at the time of my death , to be
the Executors of this' my Will;
provided, however, that upon
Mr Freedman's attaining the
age of 70 or ceasing to be
actively engaged in the prac-
: tice of law, whichever shall
first occur, he may be removed
by a written instrument signed
by a majority of the other
Executors then serving. The
team “actively engaged" as
used in the preceding sentence
shall be construed to mean full
time employment and hold the
position-of Director in at least
ode of the operating companies
in the Pergamon Group. If at
any time neither my said wife
nor Mr Freedman are serving
as Executors, a majority of the
remaining Executors may.
appoint one or more persons to
serve as successor Executors in
theirjplace. .

If at any : time there shall be
less than four Executors serv¬
ing, they or a majority of them
shall have the right to appoint
one or more successor Execu¬
tors.

I direct my .Executors to
arrange for my burial in an
orthodox Jewish cemetery in
accordance with orthodox Jew¬
ish rites in Jerusalem. '

I direct , that the cash legacies
to individuals hereinbelow pro¬
vided shall be paid - -as soon
aftm* my deato asxnay be prac-.

ticable and free of all duties
and taxes payable on my
death.

I give to my dear wife, Elisa¬
beth Jeanne Maxwell, all my

personal chattels as defined in

- form two of the Statutory Will
Forms 1925, not otherwise
hereby or by and Codicil

- hereto specifically disposed of,
and the sum of £500,000, if she
shall survive me. ■ ■

I give to each of my children
who shall survive me the sum
of £200,000. In the event that
any of my children afodl not
survive me the legacy given to
that child shall be paid in
equal shares to his or her issue
surviving me, per stirpes.

I give the sum of £150,000 to
my sister, Sylvia Rosen. In the
event that my sister, Sylvia
Rosen, shall not survive me,
the legacy of £150,000 given to
her shall, be paid in equal
shares to her issue surviving
me, per stirpes.

I give the sum of US$300,000
each to my niece, Helene
Atkin, and my nephew, Mich¬
ael Atldn, if they shall survive
me.

• I give to Jean B&ddeley, in rec¬
ognition of her many years of
loyal service and hard work,
the s um of £ 100 J »0 if she shall
survive me.

If any beneficiary under my
Will shall be bankrupt at the
date of my death any amount
that he or she would otherwise
have received under my Will
shall be held on protective
trusts for such beneficiary
under Section 33 of the Trustee
Act 1925 instead of absolutely
for such beneficiary.

If any beneficiary under my
WIB shall contest its validity
or the validity of. any of its
provisions such beneficiary
shall if the Will or such provi¬
sions are upheld be entitled to
one thousand pounds only
instead of the gift the benefi¬
ciary would otherwise have
had. '

All gifts to any; beneficiary
who is an individual are condi¬
tional upon a majority (includ¬
ing my .wife if then living} of
the Executors of this my Will

stating in writing not later
than two years after my death
that in their opinion the bene¬
ficiary in question has not
been guilty of conduct tending
to bring my family or the Per-
gamon Group into disrepute or
otherwise harmful to my fam¬
ily and failing such Instrument
such gift shall fall into my
residuary estate.

1 give to an orthodox syna¬
gogue or Beth Midrash In
Israel to be selected by the
Ashkenazi Chief Rabbi of
Israel, as an endowment to
ensure that prayers be said in
perpetuity for my parents, my
sisters and brother and myself
on the anniversaries of our
deaths, or any other date cho¬
sen by the said Chief Rabbi
such amount as may be needed
for that purpose.

In (he case of a gift to a person
under the age of 18 years the
receipt of their parent or
guardian shall be a good dis¬
charge.

I give, devise and bequeath all
the rest, residue and remainder
of my estate after payment of
all liabiliti es of my estate and
any duties or taxes payable on
my death to the trustees of a
new trust the be called “The
Maxwell Family Charitable
Trust" intended at the date of
this my Win to be set up in the
near fixture if the same shall be
constituted at the date of my
death (failing which I give
devise and bequeath the same
to my Executors) in each case
upon trust to divide the same
in four equal parts (funds A, B,
C and D respectively) and to
hold such funds and to apply
the income of each of such
Funds to the following uses
and purposes:

1 Fund A to provide financial
assistance to the people of
Israel in the defence to the
State of IsraeL

2 Fund B in support of primary
scientific and m edical research
hi the following areas:

(a) Assisting in the eradication
of cancer, especially to favour
those researchers who are
attempting to alter the behav¬
iour of cancer cells to become
benign or to convert them¬
selves into the defenders,

rather than the attackers, of
the biological system;

(b) The eradication of heart
disease;

(c) Research on the human
brain, looking to a better
understanding of the brain as a
way of curing and controlling
dementia and Alzheimer's dis¬
ease and the restoration of
brain functions to persons suf¬
fering severe head injuries.

3 Fund C to encourage and
assist capable young people in
the setting up of their own
businesses in the fields of
media, communications and
information, on the under¬
standing that they will contrib¬
ute 10 per cent of the equity of
their businesses to Fund C on
receipt of the grant and will
ultimately refund to Fund C
the monies advanced if they
are successful The Trust shall
be required to use the income
received from such equity par¬
ticipation or the sale thereof
for the further expansion of
this programme. The Trust
shall hold an annual prize-giv¬
ing symposium at a place to be
designated by the Trust and to
be organised in connection
with a world young entrepre¬
neurs' forum which will be
held the auspices of 12
to 20 of the world's leading
businessmen invited to serve
by the Chairman of the Per¬
gamon Group (or if there Is no
such Chairman, the Chairman
of the principal operating com¬
pany in the Group).

4 Fund D to fund the efforts of
such individuals in the social
and behavioural sciences,
including politics, whose ideas
in the opinion of a panel of
distinguished advisers in those
fields to be selected by the
Chairman of the Pergamon
Group (or if there is no such
Chairman, the Chairman of the
principal operating company in
the Group), would contribute
to the avoidance of war and
conflicts between nations, the
elimination of racial hatred,
and making the primary, sec¬
ondary and tertiary educa¬
tional systems more practical
in the preparation of children
and students for a life of
change that will better enable
them to contribute both to the
creation of wealth and the

'IV- ‘.^•>■••,3

Robert Maxwell arrange my burial in an orthodox Jewish cemetery

enjoyment of leisure. The
Trust shall use its best endea¬
vours to link together the two
groups of young people to be
benefltted under the provisions
of this paragraph 4 and the
preceding paragraph 3, by
bringing them together in the
annual conference mentioned
above.

If in any year the entire
income of any of the Funds is
not used for the purposes
aforesaid, the surplus shall be
transferred to the reserve of
the Fund In question and
become part of its principal

It is my hope that the Per¬
gamon Holding Foundation,
whose assets I have helped to
build up to their present mas¬
sive capacity, will commit
themselves to support all of
the foregoing purposes.

The Trust shall maintain a
small professional staff respon¬
sible for encouraging and sup¬
porting these programmes
ensuring their worldwide dis¬
semination.

I direct that all my shares of
stock of any companies in
which 1 may own a controlling
Interest and of all companies
in the Pergamon Group that
my said Executors may receive
shall continue to be held by my
aaM Executors and shall not be
sold or otherwise disposed of
by them except as part of the
distribution of my estate; pro¬
vided that the foregoing direc¬
tion shall not preclude the sale
or other disposal of individual
companies, when compelling
business or political consider¬
ations so dictate.

The provisions of Clauses 4, 8
and 10 of a Declaration of

Trust dated 22 December 1986
constituting the Maxwell Char¬
itable Trust shall, so far as
capable of so applying, apply to
the Trusts of this Will as If
incorporated herein in extenso.

In the event of any dispute or
difference amongst my Execu¬
tors, the decision of a majority
shall control; any deadlock
shall be resolved by lot

I desire and declare that Jean
Baddeley shall continue to be
employed in and about the
management of my estate and
that such engagement be upon
the most generous terms of
compensation that may be
deemed appropriate.

No Executor may be liable for
any loss or breach of trust not
attributable to his own dishon¬
esty and no Executor shall be
bound to take any proceedings

against a co-Executor or for¬
mer Executor or his personal
representatives for any breach
or alleged breach of trust com¬
mitted or suffered by any such
co-Executor.

In witness whereof 1 have here¬
unto set my hand to this and
the six {6) preceding pages this
12th day of July, nineteen hun¬
dred and eighty-seven.

Ian Robert Maxwell
Signed by the said Ian Robert
Maxwell the Testator, as and
for his last Will in the presence
of us, each being present at the
same time, who at his request,
in his presence and in the pres¬
ence of each other have here¬
unto subscribed our names as
witnesses.

A.M. Martin residing at 46
Rushdrive Road, Putney, Lon¬
don SW15.

L.A.Denton residing at 196
Upper Road, Kensington,
Oxford OXI

Codicil

l Robert Maxwell residing at
Headington Hill Hall Oxford,
England, do hereby make, pub¬
lish and declare rtds codicil to
my last will and testament:

FIRST: In addition to any
and all other provisions that I
have made for her, I give,
devise and bequeath to my
wife, Elisabeth Maxwell all my
right, title and interest in and
to the three apartments located
in France In which both she
and I have an interest.

In witness whereof I have
signed my name and affixed
my seal at New York, N.Y.,
U.S.A. on this 30th day of
December, 1990.

Robert Maxwell
gjfmpH, sealed, published and
declared by Robert Maxwell,
the testator above named, as
and for a codicil to his last will
and testament in our presence
and we at his request in his
presence and in the presence of
garb other have hereunto sub¬
scribed our names as witnesses
on the day and year last above
written.

Ellis Freedman Residing at 300'

E59 St, New York

Joyce B Howath Residing at

126 Texas Ave, Bronxvflle, N.Y.

10708

3 * ,-rrrr'

Police helped by accountants

By Andrew Jack. '* ■ .

THE ARRESTS of Mr Kevin
Maxwell, Mr Ian Maxwell and
Mr. Larry Trachtenberg yester¬
day by the Serious Fraud
Office follow several months of
inquiries by a. team of more
than 50 police officers and
other staff, given considerable
support by accountants acting
as administrators to the Max¬
well companies.

The SFO staff is still working
on further investigations
which may lead to additional
charges in the coming'months.

Mr John Tate is controller of
the SFO Maxwell team, which
includes several lawyers and
up to 30 accountants seconded
from the forensic division of
KPMG Peat Marwick .

But besides its own inqui¬
ries, the SFO has also been
able to draw on information
from the substantial investiga¬
tions work conducted by
accountants- who were afl min-
istratora acting on behalf of
creditors to the Maxwell public
and private companies.

Mr John Talbot, a partner
with Arthur Andersen, has co¬
ordinated the administration of
the private Maxwell business
empire of more than 400 com¬
panies.

The firm passed information
on alleged MCC share support
operations to the SFO.

Mr David Tell head of the

Liquidator Nell Cooper and investigator John Talbot

litigation and special investiga¬
tion services unit at Price
Waterhouse, administrators to
Maxwell Communications Cor¬
poration, has been equally
important -

Mr Neil Cooper, the partner
at Robson Rhodes, liquidator
to Blshopsgate Investment
Management, manager and
trustee of the pension funds,
has also been investigating
movements of money.

The accountants have had
access to Information not avail¬
able to the police under special
powers given to them by the
1986 insolvency act

So-called "section 236" inter¬

views allow them to ask ques¬
tions of individuals, who have
no right to silence. This infor¬
mation cannot he passed on to
police.

Nevertheless, there have
been regular meetings to share
other information by the differ¬
ent accountants and the SFO.
Private investigators have also
been employed to help trace
assets and identify movements
of money.

The SFO has publicly
announced five separate inqui¬
ries between November 1992
and January this year in con¬
junction with the City of Lon¬
don police, to which some of

the yesterday's charges relate:

• November 18, 1991: a £55m
loan from Swiss Bank Corpora¬
tion to Adviser (188), a com-,
pany owned by Headington
Investments, after a complaint
from Swiss Bank Corporation

• December 4: allegations con¬
cerning the management of
assets of the Mirror Group
Newspapers Pension Fund

• December further allega¬
tions concerning money miss¬
ing from MGN, following a
complaint from Mirror Group

• December 18: arrangements
made to support the price of
MCC shares, folio wing receipt
of information from Arthur
Andersen, administrators of
the private Maxwell interests
passed to the Department of
Trade and Industry

• January 3 1992: assets
including cash and invest¬
ments removed from MCC,
launched following investiga¬
tions by Price Waterhouse,
administrators to MCC

The charges against Mr
Kevin and Mr lan Maxwell and.
Mr Larry Trachtenberg appear
to relate principally to the
Swiss Bank Corporation loan
and alleged thefts of pension
ftmd money. There is no men¬
tion of share support allega¬
tions, by which directors buy
shares In their own companies
but do not disclose the pur¬
chases as required by UK com¬
pany legislation.

Raids start with home arrests

E began yesterday’s
with carefully coordi-
arly mornings raids on
Dines in expensive parts
ton - Chelsea, Hamp-
ad Belgravia.

It Kevin Maxwell, at ms
in Chelsea. It was a
public arrest. Journal-
i been tipped off and
afting outside his four-
home when six deteo-
jridng with the Serious
Office arrived in two

s the media presence
ed to his wife Pandora
ake. the police for jour-

after 7am, Mr Kevin
I and his brother Ian
d been arrested at his
a Belgravia, arrived at
Sn police station in the
[ London in separate
bout an hour later, Mr
‘rachtenberg, arrived at
ae police station after
est at his Hampstead

home.

Xd another raid during the
mooting, five plainclothes offi¬
cers from the Serious Fraud
Office went to the City office in
Wardrobe Place where which
Mr Kevin Maxwell had been
working.

The officers entered the
office at about 7.30am and left
at 10.40am taking with them
several sacks idled with docu¬
ments and computer, equip¬
ment

Two secretaries arrived at
about &30am, and remained in
the budding during the raid,
where they were joined by a
solicitor an hour later.

Two lawyers representing
the Maxwell family also
arrived and stayed inside the
building daring the raid.

In Oxford, life appeared to be
carrying on as. normal inside
Headington Hill Hall for 32
years the Maxwell family
home.

Mrs Betty Maxwell still lives

in the 29-bedroom Victorian
mansion but there was no sign
of her. She has not been seen
on the estate for a few days. A
former employee, who has
recently been acting as her
chauffeur, is on holiday to th p
OS.

TW 9 of the 23 Pergamon
Press' journalists sacked by
Robert Maxwell three years
ago kept a vigil outside the
automatic security gates. Per¬
gamon Press, the company
around which Mr Maxwell
built his empire, is still based
on the estate but is owned by
.fixe Dutch publishing group
Elsevier.

Two of the sacked Pergamon
Press workers, production edi¬
tor, Mr Howard Waller, 27, and
editorial assistant, Mr Chris
Tlghe, 25, sat in deckchairs, at
the back of a Ford Transit
truck outside the only entrance
to the 14 acre estate.

They watched as couriers
brought manuscripts from Per-

gamon's authors. The Royal
Mail will still not pass the
National Union of Journalists’
picket line to enter the estate
and mail is collected each day
from the sorting office by Per¬
gamon staff.

In the early morning, police
visited the country home of Mr
and Mrs Kevin Maxwell, Rill
Barn, a converted bam on an
isolated lull ait Hailey, hear
Wallingford in Oxfordshire.
Items were taken from the
house in a polythene bag. -

A few minutes later three
men, accompanied by another
who appeared to be the key-
holder, were let into a locked
double garage across the
gravel yard.

They searched one of the
garage units bat emerged after
15 minutes apparently empty
handed. The team, who said
they were from the City of Lon¬
don police, drove off shortly
before 10 am on their way back
to London.

Larry Trachtenberg leaving Showhill police station. London, for
court yesterday. Press reports that he was a driving force behind
the Maxwells’ labyrinthine financial dealings have been denied
by former colleagnes and employees .

Lecturer
rues his
expensive
mistake

By Robert Corzine

JUST HOURS before Ms arrest
yesterday Larry Trachtenberg
was musing on the events over
the past decade which carried
the 38-year-old American from
a lecture hall at the London
School of Economics to the
dock at Bow Street magis¬
trate’s court, alongside Kevin
and Ian Maxwell

“It was an expensive mis¬
take," he said, referring to the
last in a series of career
changes which saw the former
lecturer in international rela¬
tions at LSE rise to a sensitive
financial position at the heart
of Robert Maxwell’s empire.

Just bow expensive will
depend on the outcome of the
conspiracy to defrand and
theft charges which he now
faces. But it was already clear
before his arrest that the scan¬
dal was taking Its toll

The enforced idleness at
home while waiting for the
police and SFO investigation
to unfold grated on a man who
had spent much of the past
seven years involved in the
heady atmosphere of City deal-
maiting .

The speed with which some
former close friends and busi¬
ness associates distanced
themselves has also taken its
toll “It’s as if you’re carrying
around the stench of a dead
cat," he said.

Mr Trachtenberg's rise and
fell is a classic story of the
City in the 1980s.

In 1985, Mr Trachtenberg, a
computer buff, founded Global
Analysis Systems (GAS) with
fellow American and Oxford
academic, Mr Andrew Smith,
and a British partner
who eventually dropped out.

The original intention of
providing high quality on-line
analysis of international eco¬
nomic and political develop¬
ments never really caught on.

But it was exactly the type
of new media venture which
caught the eye of Robert Max¬
well who bought the company
in 1987

He was also intrigued by a
bevy of new financial prod¬
ucts, such as an early global
tracker fund, which Mr Smith
was keen, to develop.

The spin-off of the financial
products of GAS into London
& Blshopsgate International

(LBI), a fund management
company and financial tool of
the Maxwells, was not alto¬
gether welcome, at least from
Mr Trachtenberg’s presort per
spective.

“I was dragged into the
City-, he says. But his own
transformation from an essen¬

tially administrative role to
that of a financial operative
was qnick, though press
reports suggesting he was a
driving force in the
Maxwells* labyrinthine finan¬
cial d ea lin g s are discounted by
fonnercolleagues and employ¬
ees.

MPs say
Bank to
be more
active

By Alison Smith

MPs campaigning on behalf of
the Maxwell pensioners were
encouraged yesterday that Mr
Robin Leigb-Pemberton, the
governor of the Bank of
England, would take a more
active role to assisting to the
recovery of assets.

Three MPs from the all-party
group - Mr Richard Page, Mr
Frank Field and Mr David
Shaw - met Mr Leigh-Pemb-
erton to express their concerns
about what has been seen at
Westminster as a too passive
roie adopted by the Bank over
the Maxwell affair.

They came away with the
impression that the Bank had
been acquiring information
more actively behind the
scenes.

They also had the impression
that the Bank would be work¬
ing closely with the special
unit to help the pensioners.
The unit has been set up in the
department of social security
and is led by Sir John
Cuckney.

Mr Leigh-Pemberton seems
to have succeeded in softening
the severely critical stance
which MPs have taken towards
his approach, though there
remains some discontent that
the Bank's powers are limited
in some respects and it cannot
act as a C5ty-wide regulator.

The MPs were also cheered
that while he recognised the
limits of the Bank’s formal
remit he was conscious also of
the powerful Influence that it
could exert

They expressed confidence
that once he was sure of the
information on which he could
act, he would be ready to do so.
to order to contribute to ensuit¬
ing that the government's
moral pressure on some banks
and financial institutions was
effective.

He is to circulate to the MPs
a note setting out the con¬
straints of the Bazik’s position,
and is ready to meet them in
the autumn if that is still
wanted.

The MPs had written asking
him to talk to the group, but in
the event he may instead give
evidence to the all-party social
security committee once that
has been reestablished.

FINANCIAL TIMES FRIDAY JUNE 19 1992

THE BIG LIE: INSIDE MAXWELL'S EMPIRE

T

HE 10-YEAR-OLD
Canadair Challenger 600
aircraft signalled its call
sign HB-VGA, and the
control tower gave it
permission to land in Israel
A chilly wind was blowing off the

Nowhere to run

Judean hills as the aircraft carrying
Robert Maxwell's body touched
down at the near-deserted A tarot
airstrip north of Jerusalem at
9.50am on the morning of Friday
November 81991.

Strands of barbed wire divided
the runway from the nearby Pales¬
tinian camp. A young, dark-skinned
soldier with a sniper rifle patrolled
the balcony of the low. white termi¬
nal.

It had been essential to get the
body to Jerusalem before the start
of the Jewish Sabbath on Friday
evening. Hie aircraft had been char¬
tered for £40,500 the day before by
Maxwell's son Ian. With eight of its
19 seats stripped out It was big
enough to handle the coffin in a
“decent ppfl dUgwinarf way”, nniiice
Maxwell’s own Gulfstream Jet

Danl KosovltsM. the airport man¬
ager, telephoned by Maxwell’s Tel
Aviv lawyer Yaacov Ne’eman, bad
given security clearance for the air¬
craft to land quickly. The airport
staff knew Maxwell well from his
frequent visits.

Maxwell's French wife Betty, his
eldest son Philip, and his youngest
child Ghislaine stepped on to the
tarmac. They were embraced
warmly and emotionally by Ne’e¬
man and by Aliza fished, the
woman who had organised Max¬
well's diary in Israel for three years.

The small group waited for the
heavy coffin to be taken from the
hold. It was carried to a van by 10
black-coated, black-hatted rabbis,
arranged by the Hevra Kadisha. the
burial society. The body was taken
to Tel Aviv for a second autopsy.
Two days later it would be carried
back to Jerusalem for burial on the
Mount of Olives.

The autopsy failed to prove con¬
clusively how Maxwell died. How¬
ever, the last two weeks of his life
point to the conclusion that he took
his own life.

On Sunday October 26, 10 days
before his death, Robert Maxwell
flew to London in his Gulfetream
after a week at the New York Dally
News, the loss-making newspaper
which he had set his heart on resur¬
recting, as he had done with the
Daily Mirror seven years earlier.

Unknown to Mirror Group News¬
papers (MGN), as Maxwell flew to
New York, he had taken out a loan
of £50m from Bankers Trust in the
London newspapers' name. On Mon¬
day October 21 , he had redirected
MGN’s money to the straggling
New York newspaper. Maxwell once
told his London editors that he
wanted to be remembered as the
man who saved the Mirror. But the
£50m loan stripped the Mirror of
some of its hard-won financial
health. Maxwell's ability to create
and transform businesses had
turned to destructiveness.

Saturday October 26, seven days
before his death, was, according to
Caroline Hin&tey. Maxwell's assis¬
tant in New York, "the worst day of
my life working for him”. Maxwell
had been drinking heavily - vin¬
tage champagne during the day and
Chtvas Regal in the evening.

“He was in the worst mood I have
ever seen,” she now says. Maxwell
was enraged about allegations in a
book that he was an agent for Mos¬
sad, the Israeli intelligence services.
He spent the day in furious transat¬
lantic calls with Richard Stott, the
Daily Mirror editor, and Bob Cole,
his spokesman in London. He
instructed staff on how to “limit the

damag e”.

Unable to reach one of his editors,
he yanked the telephone line,
shouting: “Idiots and dogs - I am
surrounded."

Maxwell issued immediate writs
against the book’s publishers. His
London aides say the allegations
“knocked him sideways” - whereas
he had shrugged off the regular
sceptical attacks on the solvency of
his empire.

The discussion of his alleged
intelligence links in the House of
Commons, safe from legal action by
him under parliamentary privilege,
seemed to him an echo of the judg¬
ment of the Department of Trade

A few days before his death Maxwell
faced threats from US banks to sell assets
and repay loans. He was also ‘knocked
sideways’ by allegations that he was a
Mossad agent These were just some of
the pressures that lead inescapably to the conclusion that
he killed himself, Bronwen Maddox reports

and Industry 20 years before that he
was “unfit to run a public com¬
pany”. It reminded him of his exclu¬
sion from the British establishment
and his impotence in front of it
The lest loan ever made to Max¬
well's companies was signed by
Lloyds Bank and Barclays Bank on
Monday October 28, a week before
Maxwell’s death. An extension of a
long-standing loan, the £80m
advanced to Robert Maxwell Group,
his main private company - syndi¬
cated between UK, French and Jap¬
anese banks - was backed by a
charge against Maxwell House, the
empire's headquarters at Holbora
Circus in London.

, one of the last assets that

more than £l 0 m owed for foreign
currency by Friday it would sell the
collateral it had been given: a block
of shares in MCC. If Goldman Sadrs
- the biggest buyers of MCC shares
in the company's history - turned
sellers, the stock market would read
it as an irreversible signal to sell,
and to keep on selling. That could
trigger the meltdown that Maxwell
House had always feared: bank
loans throughout the empire were
backed by the value of MCC shares,
and if the price fell, the empire
would crash.

The same day Kevin Maxwell
wrote to Swiss Bank Corporation to
say that Maxwell House would
repay their £55m loan early on

Maxwell did not seem to his crew
like a man under pressure. He
seemed instead to be a man who
had decided to drift

remained unmortgaged. That loan
had to support every salary, every
claim on petty cash and every bank
demand throughout the empire.

The next morning, Tuesday Octo¬
ber 29, a single sheet of paper
arrived at Maxwell House from the
US bank Shearson Lehman which
meant that the Lloyds money would
not be enough. Lehman declared
that because of failure to repay its
loans it was going to seize the col¬
lateral: shares in the language com¬
pany Berlitz, a subsidiary of Max¬
well Communication Corporation
(MCC), Maxwell's largest public
company. If the bank carried out its
threat it would block the Imminent
sale of Berlitz, needed to pay down
MCC’s debt

On Wednesday morning, October
30, two more fires broke out Gold¬
man Sachs, the blue chip US invest¬
ment bank, delivered a formal
warning that unless it was paid

Tuesday November 5 instead of giv¬
ing it some collateral.

John Featley, Maxwell’s chauf¬
feur, who spent the week driving
Maxwell and Kevin to bank offices,
says: “It seemed his [Robert Max¬
well’s] attitude had changed. From
walking past you as if you didn't
exist, he actually stopped and
talked to you."

At lunchtime that Wednesday
Maxwell had lunch with MGN edi¬
tors and executives from the Daily
Mirror. He congratulated them on
their handling of the arms trade
rumours.

“By that time the rows had
stopped,” says Basil Brookes, MCC
finance director, remembering Max¬
well's detachment. “Maybe it was
because we didn’t speak any more
by then - at least we didn't speak
about business.”

Brookes had braced himself for an
explosion that afternoon: he was
going to tell Maxwell that finally he
was leaving. Instead he found Max¬
well sentimental and unable to
grasp the problem in front of him.

Brookes says: “I had this feeling
everyone's going and Fm stuck and
can’t get out” Although he had fold
the Maxwells three months earlier
that he wanted to. quit, he had
stayed because his lawyers told him
he had a duty to resolve the MCC
boardroom row over Maxwell's
siphoning off money from MCC to
his own private companies. But that
Wednesday Brookes had seen Harry
McQuUlen - a senior MCC US
director - resign and leave straight
away. That Wednesday afternoon,
Brookes finally felt entitled to go.
He and Peter Laister, a non-execu¬
tive director, had agreed with Kevin
a formal list of procedures for deals
between MCC mid the private Max¬
well companies. Brookes and Leis¬
ter thought it marked a huge step
forward. Brookes, deeply relieved,
went to tell Robert Maxwell that he
was going.

Brookes insisted that the press'
release announcing his resignation
must go out by Monday November
4. He had warned Maxwell repeat¬
edly that he would not put his name
to another set of MCC’s financial
results - and MCC’s half-year fig¬
ures were due in two weeks.

He knew the figures would show
a collapse in profits - and it would
be dear that the second half would
be even worse. The shares, undoubt¬

edly, would slump. These problems
no longer belonged to him but to
the Maxwells and the other MCC
directors.

Maxwell summoned Nell Taber-
ner from the auditors Coopers &
Lybrand Deloitte - 10 minutes
away to the east, in the City. He
telephoned Laister in his car. Lals¬
ter was racing home, ready to leave
in the middle of the night to catch
the first ferry to France for a week’s
holiday - but he turned around
and came back.

Tabemer was told that Brookes
was leaving and that MCC had no
replacement.

Maxwell made several sugges¬
tions for replacements - journalists
and managers from New York -
but Brookes and Laister told him
they were* ridiculous; the City
would just laugh; and mark the
shares down. Laister said the com¬
pany desperately needed a deputy
chairman, and was taken aback
when Maxwell offered him the job.
Brookes says: “The old man took
me aside at the end. He was sud¬
denly very nice. He said: *You know
it's disastrous for me that you’re
going.’"

Just before 8pm that night. Max¬
well saw Cole - who had worked
for him for 31 years - and told him
that the editors had praised him
that morning for his handling of the
Mossad row.

Cole says: “He put his arms on
my shoulders and kissed me. He
had only done that twice before. My
father, who was also Jewish, used
to hug me like that

“But the problem with Maxwell
was that he couldn't give a compli¬
ment without taking it away too. So
he said: “The thing about you. Bob,
in all the years you’ve been work¬
ing for me is that you always
thought your job was to aid the
press. You didn't realise that work¬
ing for me your job was to hinder
the press."’

They both, laughed, but the criti¬
cism - although not the Jibe at the
press - left a sour taste in Cole’s
mouth.

Maxwell walked up the flight of
stairs from his office to the pent¬
house to catch a few hours sleep.
His four-seater Aerospatiale helicop¬
ter, with the insignia of the MGN
lion growling on the side, took off
from the roof early the next morn¬
ing. It took him to Luton airport
where his Gulfstream was waiting
to take him to his yacht, the Lady
Ghislaine in Gibraltar.

The next morning, Thursday
October 31, Charlotte Thornton,
Maxwell's secretary, told all callers:
“RJM. will be away about a week.
No faxes, no phones. He's tired and
he’s not been feeling so good.”

Maxwell left behind a empire
which was within weeks of collapse,
and queues of executives waiting to
present their petitions for money.

None of them were aware that
they were part of a crisis which was
beyond solution- If they could only
get the meeting they were asking
for, then they could get the money:
it was just tiie usual problem of
pinning him down, they thought

Ernie Burlington, MGN managing
director, and Lawrence Guest, its
finance director, had decided that
they would have a showdown with
Maxwell that morning. They had
worried for two months about £47m
diverted from the MGN bank
account to Maxwell's private com¬
panies — and were still unaware of
the £50m dispatched to the New
York Daily News,

Burrington now gays: “I had
talked to Lawrence’s wife. They

were prepared to live In a shack and
give up everything. Lawrence was
prepared to take on Maxwell and
this time I was going to ask the
other directors to do it as well”
Burrington says Lawrence todl
asked him: “When can we get in?”
Burrington said: “We can’t, he’s
done a runner.” The two agreed
they would “hit Maxwell when he
came back from his trip”.

When Laister phoned Maxwell
that morning to ask for more time
to think about the deputy chair¬
manship, Maxwell had already left
Laister - in retrospect with aston¬
ishing naivety - had taken the
offer seriously: He now says: “We
bad no reason to feel that it was all

Gus Rankin, to contact the Gulf-
stream in Madeira and order It to go
back to Luton to pick up Kevin and
Ian for a meeting. He cancelled the
order 10 minutes later.

Arriving in Funchal, the capital.
Maxwell found himself besieged by
journalists asking about the Mossad
allegations and his businesses’s
financial stability. Furious, he cut
short a tour of the city and asked
nankin to take him to the remote
island of Desertas so he could swim.
But he swam for only three min¬
ute, announcing to the crew that
the water was “too lacking cold"
and told Rankin to take him back to

F unchal.

That Saturday evening Brookes

In telephone calls the day before
he died Maxwell showed no
recognition of the financial crisis.
He was unusually considerate

about to go down. MCC had a year
to deal with Its debt payments. I
didn't feel we were on a slippery
slope and couldn’t do anything
about 1L"

That day Bacon & Woodrow, the
firm of actuaries, signed their
annual, formal report an the value
of the Maxwell companies' pension
funds. They pointed out, however,
that it was a provisional report.
"We have not yet received an
audited statement of the assets at
the valuation date from the auditors
Coopers & Lybrand Deloitte,” they
said. The next audit was not due
until December 31 - so neither the
actuaries nor auditors knew that
more than £400m of the pension
assets had been siphoned off.

That Thursday was the day of the
Goldman Sachs ultimatum. Famous
on Wall Street for its machismo, the
firm had begun to carry out its
threat to sell MCC shares.

Late that afternoon Citibank, the
US bank, announced to the London
Stock Exchange that it had
“acquired an interest” in 5 per cent
of MCC. Kevin told Cole to give no
official comment, as press calls
about the announcement were
“after business hours”. Only those
in Maxwell House knew that
another bank had begun to
repossess the security for its
loans.

Early that evening the Financial
Times called Kevin Maxwell’s office
to say that it had completed a
month-long Investigation into the
Maxwell empire and was about to
publish a report that hidden debt in
the private companies was much
higher than the outside world real¬
ised.

By Friday November 1, Swiss
Bank had been told by Kevin Max¬
well’s office that the £55m loan
could not after all be repaid by
Tuesday. The bank told Maxwell
House this was unacceptable: If the
money was not in the office by
Tuesday they were going to their
lawyers.

That Friday afternoon Kevin Max¬
well called the FT and sai± Tm
happy to talk, but the points you've
raised will take some time to go
through. Let’s meet on Monday at
6pm."

On Saturday November 2 the
Lady Ghislaine reached Madeira.
During the passage from Gibraltar,
Maxwell had told the ship's captain

was at home at a bonfire party
when the phone rang.

He says: “In the middle the phone
rang - it was the old man from the
boat rd had quite a kit to drink. He
said he’d he back on Monday and
we'll deal with the press release
about your resignation then. He
was unbelievably charming and
nice. I was in the kitchen with my
wife - the others were outside and
couldn't hear - and I said to her: T
guarantee you he won’t be back on
Monday.’ I called Ron Woods
[another MCC director] on Sunday
and I told him the same thing - I
guarantee you he won’t be back.”

After calling Brookes Maxwell
asked Rankin to sign out $3,000
from the ship's funds so that he
could go to the local casino. Rankin
never saw the money again.

The next morning Maxwell asked
the bemused Ranlria to drop him off
at an airport in the Atlantic
between Madeira and Bermuda.
Rankin told him there was nothing
but open sea between the islands.
Maxwell picked the Canaries
instead and asked for the Gulf¬
stream to meet him there.

Maxwell did not seem to his crew
like a man under pressure. He
seemed instead to. be a man who
had decided to drift “It was as if
he'd decided to just let everybody
else get on with it,” says Rankin.

In the middle of the greatest
fmamdal crisis of his life Maxwell
directed his yacht on an aimless
cruise.

On Sunday night, heading for the
Canaries, he was called by his son
fan, who reminded him of his agree¬
ment to speak at the Anglo-Israeh
dinner on Monday night. Maxwell
told his son he was not reefing very
well, and was not sure he would
make it

In the Canaries the next morning;
the Lady Ghislaine sailed to a swiaR
bay called Foils de Abano. Maxwell
asked to be taken for a ride in a.
speed boat, hut was brought back
because the sea was too rough, and
asked to be taken to Santa Cruz on
Tenerife.

That Monday morning, November
4, while the Lady Ghislaine was cir¬
cling the islands back in London,;
1.800 miles away, Maxwell House
had received the final notice from"
Shearson r^hman that they were
taking possession of Berlitz shares.
That Monday morning, November

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Maxwell’s death certificate issued by the Spanish Ministry of Justice

4 , while the Lady Ghislaine was dr- AflCi
oting the islands back in. London, (JLp
1,800 mite away, Brookes’ sighed LI ^
his formal resignation. He spoke to r
Maxwell three times to . agree the
wording of the press release. g

Brookes says: “We agreed it would ]| JV H

go out Monday night or Tuesday |fl
morning. But somehow it didn’t.” Ml w
At 4 pm on Monday November A, IP w
Goldman Sachs’s formal notifies- I 1
tion to MCC that it had sold part of
its shareholding on Thursday
arrived at Maxwell House. Cole
asked Kevin's office for permission
to release the statement but Cole
says he was told: “No - tomorrow” _

A copy of the log of phone calls
from the boat shows that Maxwell
spoke to Kevin several times. Cole y .'7--
says: “It would be nearly unbefiev- w '
able for Kevin not to have told his
father on the boat that the Gold-
mans’ notice had come through.” . • v
At 5pm Kevin Maxwell's secretary . ‘ V

called the FT to postpone the meet- y ■“

big at 6 pm until the next morning.

That evening Maxwell - appear-
ing to forget which country he was
in - asked. Rankin to lend him
some Portuguese escudoes. He •- •

asked a taxi to take him to “the best
restaurant in town". ■." ■/-

They drove to the Hotel Mencey, •:••••;. *
a restored colonial palace with mar¬
ble floors: The bead waiter, Sergio
Rodriguez, led Maxwell to table
number one where he sat on a ' : . .

green velvet chair with a view of
the tropical gardens. V-- '

Rodriguez recalls: “He came In ....

dressed in a summer jacket and • ‘ .

open shirt It was only the next day j* “• -

I was to realise who he was from ■
the photographs in the newspapers.

But that night I mistook.him for a -;■
cook from the Blue Star fine I had ' .
met once.” ’

Maxwell ordered three beers, two
of which he drank quickly. He -

ordered spinach and asparagus
mousse, cod in mushroom and
parsely sauce and a pear. Rodriguez
says: “He didn’t strike me as partic- ~

ularly ill or agitated." .

Only later did he seem distracted, C. -
leaving his jacket at the table as he ...

left at 9.45pm. At the Cafeteria
Olympus he had a coffee and > -
brandy mid was taken back to the -V.
boat '

During his meal the Gulfstream •:

had arrived at Tenerife's southern r 7

airport Maxwell took Rankin’s sag- T"'"- • •
gestzon that they should sail around ;- . .
the island to Los Cristianoe, sparing '•■■■

him a drive along the winding
coastal road. But Maxwell told Ran-
kin not to take the direct route, and ~\~'l -. .

• Instead to cruise through the night
to Gran Canaria and back. He said -
he would sleep better if the boat : ;
was at sea. " ' r .

Maxwell told Rankin that he * \

planned to fly to London the next
day, Tuesday November 5, and that
the crew would then be free to sail "r-* :
to New York as originally planned.

In telephone calls that day, Max- "" “•
well showed no recognition of the v .vt ;.
financial crisis. He was unusually
considerate, apologising for disturb- .sm ■
ing Burrington daring his lunch. _■

Burrington says: “Blimey, I :.r:..v - 4
thought" He says Maxwell said: :

*Tm coming back tomorrow night . : : - - - •

and HI see you Thursday morning." — -... -

Maxwell drafted tile speech for A--- ;
the Anglo-fsraeti dinner over the . . ••.-. T

phone with Sam Pisar, his Paris
lawyer, and his son Ian. He gave
out a “great belly laugh" at a Joke v ~ . ; .

about Yasser Arafat Jumping out of -17,.".".

a aircraft, mistaking a Jewish .cT lV . \..l
prayer shawl for a parachute.

That evening, around 11pm Span-
ish lime, Rabbi Vogel, a representa- ”•

five of the orthodox Jewish Lubav- ~' :i : '

itch sect called Maxwell about his Tr!:',.’:*::-
project to prise religious books from 7L7 : •“••• ::

Russian archives. Maxwell said he ;

would try to get some response - —■>*:. ••

from Gorbachev. .

That was the last phone conversa- L.

Hon Robert Maxwell held. ftO

The next day, at 9^0am, Kevin ,

Maxwell met the FT. He agreed
with the FT’S estimated figure of -
£3bn debt for the Maxwell empire, ~ ~ ’ "

but said all was well with the pri- , .? 3 ? er
vate companies. He seemed relaxed. «•?{•. 3 ^

At 11am Cole released to the.

Stock Exchange the bald statement ; _

that Goldman Sachs had turned ““ ‘ i ‘--

seller of MCC shares. The shares
began to slide. Ten per cent of - =v- : e ^

MCCs value was wiped off by by
2£8pm when all dealings in MCC
and MGN shares were frozen. Ten ^
minute later a second announce-
ment told the world that Robert
Maxwell was missing at sea, feared

lOSt ^ ii

Did Robert Maxwell kill himself? '•

By the day he died his empire had
ran out of every drop of money and -’Sit*

would have collapsed within weeks, ,

exposing the raided pension funds.

To Maxwell that would, surely, .
have been more than just shama or
humiliation. He Identified com- 5

pletely with his creations, the
power they gave him, the Gulf- s

stream, the yacht. The helicopter, ^ “ 5 ; "v aa

with the huge shaggy lion’s head on
the side, disturbing the peace as it
clattered on to the roof of Maxwell
House - that was Robert MiaxwelL
His empire's collapse would have
been equivalent to his annihilation.

Would Robert Maxwell, who bad
pursued publicity for every smallest
event, choose to die alone, without (v ■

. telling anyone or leaving any- sign? ^

He gave no sign to Kevin, judging
by Kevin’s composure that morn¬
ing. But part of the obsessive emo¬
tions that drove him him was enor¬
mous, anger. He had a violent past
hfe family had been killed in the
Second World War, and his part of
Czechoslovakia annexed by the
Soviet Union. In the last three years
of his life he turned-his destructive¬
ness against Ms businesses-
which fie neglected, abused, and in
the and: destroyed.

Thesigns^nggestthatin the end ^

Robert 'Maxwefi; destroyed himselL • f
On the. deck, of Jrfs boat,. drcfing
islands in the Atlantic in the hours
before it became h 8 ht,he-was-aldue
with...those lemotums and had
nowhere to run. . '■. *ir- a*!/**

P4NANCIAJL TIMES FRIDAY JUNE 19 1992

THE BIG LIE: INSIDE MAXWELL S EMPIRE

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estions raised by
xwell’s last hours

r: ;v v.

Jimmy Burns retraces Maxwell’s final hours

IN THE larger-than-life story of
Robnri Maxwell, the manner of his
death remains the greatest mystery

Did he; fall, overboard accidentally
. or cHd'fce commit suicide? Could he
conceivably have been murdered?

. The lack of witnesses between the
time-of his last phone call to the
crew:im:board:.his yacht, the Lady
G ma l aine ,and the discovery that he
was missing has proved a major
problem for investigators trying to
get at the truth.

Another obstacle has been the
inconclusive nature of forensic evi¬
dence. Two autopsies were con¬
ducted on Maxwell’s remains. One
suggests death by accident or natu¬
ral causes. The other leaves open
the possibility of suicide or murder.

The evidence of the last. 12 hours
of Maxwell’s life as he cruised,
apparently without purpose, around
the - Canaries, is often confused and
contradictory. The o fficial investiga¬
tions by the Spanish authorities
was less than rigorous.

At. stake is a £20m insurance
claim. For Maxwell’s family ami his
companies to. receive that money
they have to prove that he died as a
result of an accident or he had been
murdered.

The Financial Times has retraced
Maxwell’s last hours. We have Inter¬
viewed key witnesses, including the
Lady Ghiriaine’s crew. We have had
access to hitherto unpublished doc¬
umentation including the Spanish
police investigation. We have con¬
ducted a careful examina tion of the
yacht The two autopsy reports con¬
ducted in Spain and Israel have
been made available to the FT.
What happened?

Why did Maxwell leave for the
Canaries alone on October 21? -

Maxwell flew to Gibraltar that
m orning as his empire was collaps¬
ing to meet the Lady Ghislaine. He
went without his butler and and his
personal secretary. He had never
done -this before. Be did not even
take a tin of caviar which always
accompanied him on his cruises.
Before leaving London he made the
unusual step of thanking Bob Cole,
his press officer and confident 31
years, for his services. He bad been
told by the Lady Ghlalaine’s . cap¬
tain, Gus Rankin that the boat was.
not ready for the kind of cruise
Maxwell was accustomed to. Tiro of
its crew members . - a housekeeper
and a steward - were an leave, the
storm covers, were up. and.- there
were no provisions on board.

Maxwell told Rankin hot to
worry. He would bring the provi¬
sions with hhn or else “rough it”.
One of Rankin's predecessors had
been dismissed by Maxwell for leav¬
ing the wrong coloured pens on his
desk.

Maxwell left his London staff in
the dark as to where he' was going
and why.. He told Rankin he
planned to take a few days off to .
recover from a cold. He wanted to
be dropped off in Madeira where his
private plane would be waiting to
take him to New York or London.
He arrived in Gibraltar carrying
some files and a limited supply of

provisions. -

Rankin, in his first interview, said
he was sceptical about Maxwell’s
motives. It did not strike him that
his employer had a particularly bad
cold. “He seemed healthy. He ate
well throughout the crossing.” He
did.no work on thfo trip, which was
almost unheard ot

What was Maxwell’s state of
mind on the crossing?

Untroubled, according to those
who talked to him during the cross¬
ing. They included his sons Ian, the
editor of the Daily Mirror Richard
Stott, and Rabbi Feivish VogeL Ran¬
kin, and other crew members, say
that Maxwell did not seem like a
man under pressure, rather like
someone who had taken a huge
weight of his shoulders and had
decided to drift

The Lady Ghislaine had the tech¬
nical capacity to control his empire
with a push of a button. He almost
invariably made use of it hi addi¬
tion to a fully equipped office- it
included computers, copiers, shred¬
der, crytophone and fax machines- a
satelite phone by his bedside identi¬

towards the C ana ri es ItiBt ead -

Rankin told Maxwell’s widow,
Betty, on her arrival in the
Canaries, that he thought her hus¬
band bad killed himself.

One female crew member recalls
that at one point she entered Max¬
well’s office and found the floor cov¬
ered indocuments. She asked him if
he wanted them tidied up. He lust
idr ltwi thpm unrigy the table — as if
he was no longer Interested in
them.

Maxwell may not have no longer
been interested in his documents.
But his family was. Two days after
his death, according to Maxwell’s
chief pilot Brian Hufi, his daughter,
Ghislaine and Betty Maxwell, asked
him to pick up some cases from the
boat

Hull says he was handed handed
him six hard backed leather cases
(4ft high, six ins wide, 2ft long).
Betty maxweZL according to Bull,
told him that the documents had to
be in London by noon.

Hull Hew oat at 7.15 next morning
reaching the Mirror building in
London just before twelve.

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fied his priorities.

' The or ganisati ons buildings fea¬
tured on the short-code dial of his
telephone included Headington
Han, Maxwell House, the Daily Mir¬
ror’s newsdesk, the New York Daily.
News, Macmillan, Rothschilds in
New his family. Including Kevin
and Ian Maxwell, and close aides.

"ft was as if he’d decided to Just
let everybody else get on with it,”
Rankin said “I now feel we were
being drawn into a game in which
we had no control”

Maxwell rang his son to cancel a
speech be was meant to have made
to an Anglo-lsraeU dinner in Lon-

flon.

On November 2 he called his two
sons Ian and Kevin to a meeting In
Madeira, then rescinded the order
10 minutes later. He then changed
his earlier plan to fly out from
Madeira and chose to cruise

Why would anyone want to kill

hhn?

Maxwell matte many enamlea in
his business career. In the last
month of his life he was accused of
arms dealing and having close links
with Mossad, the Israeli Secret Ser¬
vice. His son Philip told Spanish
officials on hearing of his fooler’s
disappearance that he thought Max¬
well had been kidnapped but subse¬
quently changed his mind. One
Israeli minister still thinks, on the
basis of the second autopsy, that
Maxwell may have been murdered.

Could anyone have boarded the
ship that night?

All boats in the area cm the night
of his death have now been
accounted for by the Spanish
authorities. Throughout the night
of Maxwell's disappearance the
Lady Ghislaine had its radar and
other equipment on. It picked of

picked up no suspicious vessels.
Rankin says: “I was on the bridge
most of the night. We were doing 14
knots. It was Impossible."

Where were the crew?

At the time Maxwell died, Captain
Rankin and two other crew mem¬
bers were in on the bridge. An engi¬
neer was in the engine room. The
bridge is sound-proof and the deck
is out of ear-shot of the engine
room. All other members of the
crew were sleeping and heard noth¬
ing that drew their attention to Mr
Maxwell's movements that night.

Why did the lady Chltlalne taka

such a circuitous route on Max¬
well’s final overnight voyage?

Rankin was first told by Maxwell
that he wanted to be taken to Los
Cristianos, the southern port of
Tenerife, where he would fly out on
his private jet. Maxwell changed his
mind. Rankin came under orders
from his employer to “cruise all
night” because it would help him
sleep. The log of the Lady Ghislaine
shows that after leaving Santa Crux
It set a course for the coast of Gran
Canaria.

Rankin discovered that Maxwell
was missing around LLOGam - an
hour and a half after the boat had
docked at Los Cristianos. He did not
alert the international Rescue Co¬
ordination centre, in Stavanger,
Norway, until 12.15pm. The Spanish
authorities did not learn of Max¬
well’s disappearance until l2J!5pm.
Why did Rankin take such a long
tiwiA to contact the Spanish authori¬
ties?

“We had to carry out extensive
searches of the boat and the imme¬
diate area around the port” He also
piaims that the Spanish authorities
foiled to record that he sent a crew
member ashore at Los Cristianos
soon alter the ship-board search had
been completed to alert the local
maritime police. ”I can’t remember
exactly when that was - around
11.45.”

At one point they spotted a swim¬
mer they thought might have been
Maxwell Rankin also says he had
difficulty in malting radio contact
with the local authorities.

Why were the inner, sliding
doors to Maxwell’s state room
forked after he wait missing?

On the evening of November 4,
Maxwell ordered a stewardess to
Inrk the main gliding doOTS to his

quarters from within, leave the key
with him and make her exit
through the outer bathroom door,
leaving it unlocked behind her.

On the morning Maxwell died, the
main sliding doors were found
locked from without, the bathroom
door was locked from within, and
the heavy steel framed doors lead¬
ing to the deck were dosed. Max¬
well’s key was missing. Rankin had
to use a master key to get in.

Maxwell could not have left
through the bathroom which had
access to the outer deck. It could
not be opened from the outside.
While it was not unusual for Max¬
well to go out on deck in the middle
of the night, to take fresh air or
relieve himself, the crew cannot

Robert Maxwell aboard the Lady Ghislaine. 'Hie last time he was seen alive was on the yacht

R. Uaiman/Sroma

remember an occasion when he
dosed let alone locked the doors
behind him.

The Locking of the doors was a
preconceived act and yet it has
emerged that the Spanish police
chose not to consider in their
inquiry.

Could he have fallen overboard?

Conditions woe good and the sea
was calm on the night of November
4/5. The Lady Ghislaine made no
sudden movements throughout the
night, according to Rankin, cruising
at a constant speed of between 14
and 15 knots. The Spanish police
concluded that he lent against a

wire on the main deck. The wire is
3ft 6ins, reaching Maxwell’s waist
They suggest this had a “trampo-
lin” effect throwing him into the
sea. No evidence was found of the
wire being disturbed or even dis¬
lodged from its hinges as it might
well have been by a man of Max¬
well’s weight and size. Maxwell was
6ft 2in tall and weighed 22 stone.

It would possible for hhn to foil
over the guard rail on the main
deck, which is three inches lower
than the wire, although he would
have had to lean well over it to lose
his balance.

Had he been drinking excessively

J .■ ^ ,

^11'-Ve

1 m ^ Mnvpmbar 4 Maxwell asks stewardess to lock sliding doors to his stateroom {A). She does the from the inside,
htoand flOMOd through the bathroom door (B). 2 He is telephoned by son Ian atll.ispm and Rabbi PeMsh
v^KSKnberl, a crew member sees Maxwell here looking over the stem rail. 4 4.45am, Maxwell
andasks tor air conditioning to be turned off. 5 8.00am, approximate time of death given by
T^tPoitoe believe this Is the point from which he went into the sea. 6 This is where he probably went
by the poiice (Stoeen plliar and tender) would have been a tight squeere for a man of

his sire (8ft 2m and 21 stone). His weight would probably have pulled out the tender retaining wire which blocked his way: this
was still in place and undamaged. He could not have gone through to the back of the boat because on the night that route was
blocked by a motorcycle fG). ?(n the morning the bathroom door (B) is locked from the inside. The sliding doom to the stateroom
(A) are locked from the outside and the glass doors to the stem (Q are closed. Maxwell was not in the habit of locking the doors
and the key has not been found. Where was fee crew? Captain Rankin and two members were in the soundproof wheelhouse (D).
One member was In the engine room (E). The seven remaining members were in fee crew’s quarters (f?.

or taking sleeping pills?

No evidence was found of signifi¬
cant quantities of alcohol or drugs
in his body. His widow said his
sleeping pills had remained
untouched.

Why were there two autopsies?

The insurers were dissatisfied
with the autopsy carried out in in
Spain.

Did the second autopsy find any¬
thing new?

Yes. The post mortem carried out
in Israel by Dr lain West, head of
forensic medicine at Guy’s hospital,
and two Israeli pathologists with
tiie family’s approval, found serious
muscle tear and injuries to the left
hand and left shoulder. The patholo¬
gists believe this suggests that Max¬
well hung on to something before
falling Into the water. These crucial
findings were not discovered by the
earlier Spanish autopsy.

Maxwell could have sustained
such an injury by holding on to
prevent himself from foiling by acci¬
dent or by trying to hoist himself
back again.

But West suggests that Maxwell
could have also sustained such an
injury as he deliberately took his
own life.

West believes such an injury
incurred by climbing over the rail
and slipping while wtni holding the
rail "One sees this pattern of injury
on occasions in individuals who MB
themselves as a result of falling
from high buildings. While some
will jump or let themselves topple
over a baclony or out of a window
others will actually will ease them¬
selves over the edge and hold on for
a time with one or both hands
before letting go.”

Could he have died of a heart
attack?

Maxwell had been suffering for
years from fluid and respiratory
problems. He was overweight and
had been under. some pressure.
However, one of his le a din g doctors
maintains that he was “healthy”
before leaving on his final cruise
and no traces of heavy smoking.

Tests carried out by Spanish
pathologists showed some evidence
of ischemic myocardial damage- in
layman's terms, his heart muscles
were damaged due to lack of blood.

So how did Maxwell die? On the
evidence available both murder -
for which there i£ no physical evi¬
dence - and a heart attack as a
gfagte cause of death can probably
be ruled out

This leaves one of two possibili¬
ties. Maxwell either fell Into the
water by accident or he committed
suicide. Neither can be ruled out on
the basis of the forensic evidence.

' The verdict then rests on Max¬
well’s behaviour, his state of mind
and the looming catastrophe he
would have to face if he returned,
suggest that he killed himself.

FINANCIAL TIMES FRIDAY JUNE 19 1992

T he relationship between
landlords and tenants in
the UK is being strained to
breaking point At a time
of recession, the workings of the
institutional lease - 25-year leases
with upward&only rent review -
is seen as unfair, archaic and Infla¬
tionary by tenants throughout
England, and Wales.

Now the gauntlet has been
thrown down by tenants. Busi¬
nesses have been encouraged by the
glut of empty commercial space and
their own recession-induced finan¬
cial pressures to challenge the sys¬
tem openly. The landlords are
defen ding a leasehold structure that
provides secure flow of income,
thus underpinning the value of
property and so the finances of
institutions, property companies
and han ks which lend to the sector.

Critics argue that the easting
system damages the economy by
allowing landlords to profit at the
expense of tenants, many of whom
are already struggling under the
burden of recession. “Landlords
continue to make money In a reces¬
sion and in doing so they serve to
deepen the recession," says Ur
Giles Henschel of the Covent Gar¬
den Business Group, which repre¬
sents local businesses.

Some economists believe that the
institutional lease distorts the let¬
ting market in the way that unions
are seen to distort the labour mar¬
ket Lettings on new leases, which
account for just 4 per cent of the
market are the only part of the

THE PROPERTY MARKET

New lease of life in landlord-tenant fight

system that function smoothly.

According to Professor John Bur
ton of the European Business
School, rents are dictated by legal

case of industry satisfaction and
institutional desire being put before

and institutional factors, making' the customer. Very few other indus-

them “impervious to market
fences". This “constitutes a ‘core*
inflation problem for the British
economy as a whole,” he says.

But the debate about leases goes
beyond academic concern. For the
structure of leases is having a criti¬
cal impact on many businesses.

Last month, Tandy, a multiple
retailer, closed down a profitable
store in Chatham. Kent, because it
could not reach agreement on the
lease. “We are mairing & stand,"
says Mr Barry Liddle, chief execu¬
tive of Tandy. "If we have to lose 80
or 40 stores 1 am willing to do that.
If not, nothing will change.”

Tenants are demanding the fol¬
lowing changes;

• An end to 25-year le ases. Criti¬
cism of such long leases was
recently voiced by Air Andrew Bux¬
ton, chief executive of Barclays,
which rents a large amount of prop¬
erty across the UK. “Twenty-five
years leases are required for financ¬
ing purposes or perhaps to satisfy
the institutional desire for long
investments, but how many busi¬
nesses plan 25 years ahead?” he
asked.

“At the moment it is a classic

TOTAL RETURN (%)

RetaU

Office

Industrial

All Properties

Year to April 92

6.3

-6.4

8.4

1.8

Quarter to April 92

1.6

-1.8

0.6

0.1

Month of April 92

0.5

-03

0.3

0.2 ■

By Vanessa HonMer

Imminent Property Da&toan*

tries can take such a- complacent
attitude,” ha adds.

• An mid to upwards-only clauses'
in rent reviews. Tenants argue that
the upwards-only ratchet is infla¬
tionary and unfair to te nan ts at a
time when rents should be falling.
Boots, the chemis t, recently won a
court battle over its refusal to
accept an upwards-only review on a
retail property in London centre.

• An end of privity of contract,
which allows landlords to claim
unpaid rent from previous tenants.
The controversy about tenants’ con¬
tinuing liability has come to a bead
over the past year as unexpected
bills for rent due on former prem¬
ises have pushed many straggling
companies into re ce i ver s hip. :

The case for reform has been pro¬
moted by Sir John Banham, direc¬
tor-general of the Confederation of
British Industry. “Small businesses
are being forced Into bankruptcy
through no fault of their own,” he
says.

• A change in the way rent
reviews are determined. Critics say
that reviews are often unreasonable
because they ignore vacant prop¬
erty, the state of the economy and
the ability of tenants to pay.

Professor Burton believes that
rent review disputes should be
resolved by the Lands Tribunal,
with members drawn from both
sides of the commercial property
iaa«dng market.

Mr Henschel of Co vent Garden
Business Group rfiaiiima hh« system

Tandy closed a store because it could not agree on the lease

because decisions are made at arbi¬
tration by surveyors, who may have
a tendency to favour landlords. “No
surveyor will put his neck on the
line because future business,
depends on his ruling. I would like
to see a parliamentary review of the
whole system." he says.

• An end to confidentiality
clauses. If rents are to be set accord¬
ing to recent deals in a particular
area, there should be greater open¬
ness about those deals, perhaps

through a national rent register.
“Confidentiality clauses inflat e mar¬
ket levels,” says Ur Henschel.

Some aspects of the commercial
property lease are likely to yield
under this pressure. The Lord Chan¬
cellor, for example, is expected to
recommend a change in the law on
privity of contract Tenants would
no longer be responsible for the
rent owed by their successors for
the duration of the 25-year lease;
Instead they would guarantee only

their Immediate successor. The pro¬
posals would probably only apply to
leases that were assigned after the
legislation came into force.

“This is in the spirit of a good
British compromise," says solicitor
Mr Steven Fogel of Titmuss Sainer
& Webb, who was on the Law Com¬
mission’s working party which rec¬
ommended a change in the law.
Bankers are concerned, however,
that a change would make property
finance, which relies heavily on the
quality of a tenant's covenant, even
more difficult to secure.

Market pressures alone are forc¬
ing some landlords to accept shorter
leases and break clauses in heavily
over-supplied markets such as the
City of London. Some institutions
make a virtue out of necessity when
accepting a 15-year lease on the
grounds that a building often needs
refurbishment by that stage any¬
way.

But most property owners are
uneasy about changes to the lease
structure. They fear that yields
would be pushed up to compensate
for the diminished security of
income, with severe effects on the
property industry and banks.

The Prudential, one of the largest
UK landlords, will fight any
changes to the 25-year lease, says
its chief executive Mr Hugh Jen¬
kins. “Only as a last resort would
we give up long-held terms of trade.
In this market we would rather let
the rents take the strain than start
monkeying around with lease struc¬
tures,” he said.

Landlords argue that tenants
should take the rough with the
smooth, having enjoyed the benefits
of a system that gave them artifi¬

cially low rents during much of the
1980 s and the rights to assign their
leases at large premiums. They
believe that tenants will stop clam¬
ouring for change once an economic

recovery gets under way.

“During the 19S0s a lot of tenants
made a fortune from selling their
leases ” says Mr Peter Hunt, chair¬
man of Land Securities, the UK’s
biggest property company.

The abolition of privily of con¬
tract and upwards-only review
clauses would be a set back to the
industry and ultimately the econ¬
omy as a whole, adds Mr Hunt If
such changes took place, pension
fends would be less likely to invest
in property with the result that
yields would rise, new develop¬
ments would be constrained and
ultimately rents would go up.

The counterargument is that the
rigid institutional lease has inflicted
damage on tenants and the econ¬
omy and, in the end, on the prop¬
erty market itself.

Tenants have been put under,
extra pressure to the point where
they have been put out of business.
Long leases have made landlords
complacent and neglectful of their
customers. Lease inflexibility at a
time of felling rents has prevented
tenants from assigning their old
leases and so created a huge over¬
supply of new buildings in areas
such as central London. .

Apart from the changes concern¬
ing privity of contracts, these argu¬
ments are ultimately likely to be
settled by the relative strengths of
landlords' and tenants. The opti¬
mists say that the concessions
wrested by tenants will only last for
as long as property is m oversupply.
Tenants, however, are determined
to cling onto any gains they make.
They are not merely seeking
short-term advantage; they wish to
change the Industry for good. '

HAMPSTEAD, LONDON NW3

REDEVELOPMENT
FOR SALE FREEHOLD

JECT TO CONSENT
VACANT POSSESSION

Chesterton

66/68 Seymour Street London W1H 5AF
Fax:071-7247562

NOTTINGHAM

44 ACRES

Close J26 Ml
ALL ENQUIRIES

Joint Sole Agents:-

CARDIFF BAY

- Prime prominent freehold
office with planning
permission available for
70.000 Sq Ft bulldng

Apply KH. Baynfon
155 Afoany Road, -
: CanJffl CF2 3NT
■ TeL 0222 498666

WBYWOOD BUSINESS PK,
M62 NORTH MANCHESTER.
To Let - Modern warehouse
93.600 sq ft Will sublet from
13^00 sq ft- Short tom lets mil
from £2-25 psfr WEATHERALL
GREEN A SMITH 061-236 0722

BOROUGH HIGH ST, SE1
Refnbbhed
Air conditioned Office
Boor To Lei

Rouble Lease - Low Rent
3,380 sq4L (sppiox)
hficbsd Berg Bril & ftame n
Tel: 071723 9198

HOLBORN

OFFICE

SUITES

Immediately available
from 250 Sq. Ft. to
5,000 Sq. Ft. Rents
from £10 per Sq. Ft.

071 606 5521 Ref: AP.

MODERN

PRODUCTION/
WAREHOUSE r
PREMISES V

HIGH \
SPECIFICATION!

Surfaced external yard '
Office content -
7,500 sq.ft
TERMS:

FOR SALE/TO LET
. Rest allowance available

PRINGESWAY NORTH
TEAM VALLEY
GATESHEAD

'lIoWHM ■ V" T

<^5t2Tv*u£» v. \

^

— . Adjacent to

A1 in the popular Team Valley
Trading Estate
Close to Gateshead
Metro Centre
Newcastle City Centre
is 3 miles to the north

COLLI LRS

*»l I- \\ Alt I M V. I-

JOINT

AGENTS

Storov Sons \ Parker

Tel: (091) 232 2036 Tek (091) 232 6291

MORTGAGES
On Co i mnc i c ia l and Industrial
Properties at prime rates 5A0
yens. Interest only.
Minimum loan £1 million.
Apply to: HIRSCH Europe’s
leadi ng Finance Consultants.

HIRSCH MORTGAGE INTL
3 Paris Place, London
SW1A1LP
Tel: 071-629 5051
Fax: 071-4090419

PRIME MAYFAIR
OFFICES

South Audley Street Superb
self-contained office accom¬
modation TO . LET.
Totalling 3,500 sq ft or
available in suites, 1050,.
1550 and 900 sq ft. Long
lease or short lets available
at rentals averaging £23 per
sq ft Immediate possession.
Apply 071-409 2377.
RcfDL/EW.

INTERNATIONAL PROPERTY

HEALEY a BAKER
071 629 9292

ECI

Self-contained office
building situated in
quiet mews (640 sq ft
approx) plus double
garage. Flexible lease -
low rent.

Tel 071-723 9198.
(RefJWD).

\ i •

4»P«ntalMl^nNCIl)o

0602 588777

VICTORIA,

LONDON

SW1

400 - 3500 Sq Ft elegant
period offices
overlooking quiet
gardens. New leases.
Rents from £10.50 psf.
Tel: 071 499 0866
Ref: MD

AUCTION

International auction of
U.S. Commercial Real Estate

The Largest Selection of Prime
Commercial Properties Ever Offered

This collection of income p roper ti es located throughout major
US. markets Indudes 30 office buildings, 7 retail centers,

13 apartment buildings, 9 industrial buildings, 8 hotels and
resorts, a movie theater and landmark restaurant

Most properties have high occupancy rates and are Income
producing.

ffi financing available for most properties

■ 114% Broker cooperation offered

■ Local representatives available for each property

For more information and a free auction catalogue
caU (310) 399-0777 U.S.A. & Canada
(852) 846-5000 Asia (Hong Kong)

(4471) 493-6040 Europe (London) 9 AM to 6PM
Request Auction Catalogue #6582
Property Specific due diligence packages ($125) available upon request.

Auction to be conducted on August 13,

1992 in Los Angeles, California

KF. A \' ; JY- Vv 1L >< ;iN. I('

Topyield
in Prague:

PoBHckfch vSzrtu 12.
Office buDdlne, city
centre, bock-street of
Wencestas Square,
unoccupied, parking
tots* 4,085 sqm
commercial- and office
space, very good
condlttoa price: 6 Mtofi.

JENDRUSCH & PARTNER

Wl» Dew open immoblllen

Prague

Tel. 0042-2-2354789
Fox 0042-2-2354790

Northern France
Paris 115KM

Unrivalled development
opportunity for an
international hotel/
conference centre at a
16th Century chateau in
30 acres of grounds.
Consents for 120 beds
and conference facilities.
Price guide 3.2 million
FFR.

Full details contact sole
agents G.A.K.. Williamson
& Associates, French
Properly Consultants,
Airesford, England.
Tel/Fax UK 0962 734999

GERMANY -NUREMBERG
FACTORY

axel. modem on highway
Nuremberg/Wtbzburg. 75,000
sq. ft. usable floor space.
3,570 acre imm. urilizable.
Easily eqaipablc. Excl.
furnished. S9.4Mk>. For Sale
by J. Hofmann building
contractor.

Tel. 449-9123-14523
Fax 449-9123-14527

f RING >
DAVID RQGERSON
NOWON

V 0952-293262 /

Shropshire
Designed for
Business

ALDERNEY,

CHANNEL

ISLANDS.

Substantial Freehold
Nursing Home/Hotel,
21 beds V.P. For Sale
by Auction in London
on 10th July, 1992.
Brochure/Video
Presentation.

Stickley & Kent
Commercial
071 485 3311.

PORTUGAL - ALGARVE

Urban development of 25 acres FOR SALE.

Building permission for 41 lots is granted.
Unique site on the hill slope overlooking the
coast of FARO. Rare opportunity for
developers or investors since Portuguese law
changed recently.

Please write to Box no A 1818, Financial Times, One
Southwark Bridge, London, SE1 9HL

GERMANY -NUREMBERG
OfTIce/Ware bouse

complex for varied use. Office 62,000 sq. ft. Warehouse 119,000 sq. ft. -
3^50 acres. Modem equip, good location. Partial acquisition posable. Floor
wfliMdoo accord, to agreement* S 11J Mio. For Sale by J. Hofinaau
braiding

TcL 449-9123-14523
Fax+49-9123-14527

PROPERTY

MANAGEMENT

The Financial Times proposes to publish this
survey on Friday 17 July 1992.

Please call Wai-Fung Cheung on 071 873 3574
for advertisement details.

CONTRACTS A TENDERS

FOR BIDS flFBl

Dale of Issuance
Loan No.

Order, No.

15.6.1992
3345-TU
ISB/RH-2

1. The TURKISH ELBCmCITy AUTHORITY (1BQ has iscalwd a tom feom
the TEK Restructuring Project Fund of the World Bar* (Loan fow 3345 -
TU) in various currencies awards the cost of Thermal Paver. Plants
RehabBkation Project and It is Mended that port of fte proceeds of Iris
tom wfl tie eppled so eBgtote payments under the Corrtracqs) tor which
this imtafon for Bids is issued.

2. The TURKISH ELECTRICITY AUTHORITY (TEK) now invites eeeied Bids
from sBtfbto Bidders tor the conver s ion of ThngMek Paver Plant units 4
and 5 from intfirect Brins sysiam to a drect system.

3. Imarasted elgtble Bidders may obtain farther JnJbmutfwt from and Inspect
he BkUng Documents «the Office oh

TURKISH ELECTRICITY AUTHORITY
General Management
tetotmeve Baton DaireaJ
BaskanBgi

Saneaifer Estetme ve Baton • •

MOdOriOgO

Inonu Btfvarl Noj 27 Kat14
BahceBevtar - Son Durak . .

Ankara-TURKEY

Phone: (90) (4) 2229888

Telex: 42Z45Mfctr

Fax: . 90-4-2138870

4. - A complete set g( Bidding Documents may be purchased by any Interested

elgSde Bidder on die submission of a written application to die:

. TURKISH ELECTRICITY AUTHORITY
, General Management
Heart WarDofreri
Baskanlgi

Inonu Buhorl Ho- 27 Kaci
Bahcsiwrtor-Son Durak
Ankara-TURKEY

and upon payment of a non-refundable fee ol $250 US Dollars or
t .700.000TL at 8n toSowing addmss:

TURKISH ElECTRICITY AUTHORITY
General Management
Muhasebe Dairesl Baskanigt
Inonu BtAari Noj 27 Kac 4
Bahoaflevtsr-Son Durak
Ankara-TURKEY

Those Bids Mixn&ad by tie Bidders who did not purchase to Bidding

Document shall be rejected.

5. AHBktemustbeaocompaniodby a Bid Searity of not less tanS* (three
percent} of the Bid price and must be delivered to the Mowing address:

TURKISH ELECTRICITY AUTHORITY
General Management
Heart later Dalrasi
BaskanSgi

Inonu BulvariNo-27 Kaci
Bahceievfer - Son Outsfc
Ankara-TURKEY

On or before f2A0 hours on 1&S.1982 ox! Btdswi be opened
immeclatolytfwreator.

6. Bids wffl be opened In the presence of Bidders' representatives who
choose to attend at rie foSowrig address:

TURKISH ELECTRICITY AUTHORITY
General Management
hale veSaifii Alma

Komtsyonu Baskardgi

InflnQ Butari No.: 27 KaC 27
BehceBeviar-SonDurak
Ankara-TURKEY

btfaaHfokaoMafJMks Na 00 * 6*2 of 19*2
OanjrDMfa

UtTBKMATTKKOr .

BEAK STEAXKS BOUHNCtUMmD
• Aim

Of THR MATTXK OF
TBB OOMPAKBS ACT 1SSS

Names n hereby atvnt ** a» <mm «r
dw H* Cm of Mo (Ousflwy DSvMm)

tkted lOfcJroo 19*2 for 6m cafniiriSm of
redaction et |S» c*p!&d of ibo 4bo**-BUio4

c^^ia»nauttuwa*«4Wpqm4
flu MSbpb q p mul bf tm C— *M*S$ wte
mmaocs xo *e cm>M of ihiC myy m rfiwd

BBShaod Act «m nsbwd of ■*
ir-nii.ii.il. HI mill 1 111111 m *

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COMPANY NOTICES

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27 J.1992. Dally 10-17 K.

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FINANCIAL TIMES FRIDAY JUNE 19 1992

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MANAGEMENT

kh Gibson doos not
hawe an office. The

Qian who , manages
4000 people at Nis¬
san .in Sunderland
sits on a wooden
chair at a small
desk in a big open-
plan space. He
we jtts a aid-blue
rr qpFiCE uniform with the
» . . Nissan logo on one

lapel and a Queen's Award for
Sports badge cm, the other. From
he works he can see soweauf
ident ical desks, and chairs occupied
by identically-clad people.

only sign that <2bsoa is the

boss Is the couple of extra feet of
space that surround his desk.
Everything else' -about: Him
appearance, conversation, what he
eats and'where he paries hts car —
shouts the same ftf jfiggan

privilege is out; equality arid acces¬
sibility are in.

Gibson reckons that Nissan has
outdone the Japanese at th«ir own
game . With relish he exp lains how
the first MD — a Ja panese — had
bis o wn office. But once he left, the
British directors decided to move
out with everyone else.

“In Japan there is a more layered
culture," he says. “We get a lot of
resistance from our Japanese visi¬
tors - they feel more comfortable
in a private room." For them and
for the more sensitive of the politi¬
cians, suppliers and customers who
make the journey to the Sunderland
car plant, there is a private meeting
room. This contains a pfaHi table
and a sofa and chairs, arranged in
formal Japanese fashion.

Gibson views such private ses¬
sions as a dieter would regard a
cream cake. "I don't like to give in

S tress was once thought to
affect only top executives,
who had Important jobs and
stomach ulcers to prove it But
then ps ychologists discov ere d that
people further down the
occupational ladder were even
more stressed than those at the
top.

-The floodgates opened and
researchers started describing
stress in taxi-drivers, stockbrokers,
policemen, doctors and even in
vicars. Far from being ashamed
that they felt under pressure,
people began boasting about the
stress in their professions.

Academic research has now gone
a step further: increasingly it
shows that although some jobs
are stressful, certain typbs of
people survive, while others have
problems. “

> The idea is that factors within
the indivUual are as important
as ones rdated to the Job- Some
researchers put it down to
personality, others to early -

Lucy Kellaway shares a sandwich from the canteen with
Ian Gibson, the man in the driving seat at Nissan

Bringing equality
into the open

to the visitor syndrome," he says.
*lt is very easy to lay on lunch in
the visitors’ dining room, but I pre¬
fer to-talk to them out here, and
take them to lunch in the canteen.’'

The British subsidiary has also
taken a stand against the cult of the
personality. Two small photographs
of the chairman and managing
director of the Japanese parent
company are barely tolerated in the
otherwise unadorned visitors’ room.
“We may be able to get rid of them
soon,” Gibson 3ays. In the annual
report there is no picture of the
managing director, his statement
does not even bear his name. “I do
not like glory hunters and do not
want to be one,” he says.

Indeed, Gibson is so self-effacing,
and so intent on promoting the
team that he tends to reply in the
plural, whatever the question. What

does he think of the nniflm- mw and

the open plan space? “For the first
six months, most people said it was
difficult to adjust to the open plan
office," he replies. “But we all liked
the idea of the uniform as ft shows

we are trying to be more equal”

He - or rather they - did draw
the line at the company song and
company exercise sessions: “We did
not feel comfortable with that”.

What about personal effects?
Wouldn't he like to have a few of
his own things on his desk, which
by company rules has to be cleared
every night? No, he says, he has
just what he needs.

H e moves over to the desk,
(which he makes a point of
never sitting behind when
he has visitors, using instead a
plain table surrounded by four
chairs), and indicates a modest col¬
lection of belongings. “There's a pic¬
ture of me missus, a clock given out
when I was at Ford, my pipes, ash¬
tray - that's about it."

To anyone used to working in
complicated hierachies with colour-
fill characters and pushy egos, there
could seem something a little bland,
depressing even, about Nissan’s
well-regulated atmosphere.

In the entrance lobby area are

notices declaring the group's deter¬
mination to cherish its people and
certificates extolling its tr a i nin g
policies. The reception area doubles
as a co mmunal meeting room with
little tables and chairs. At one, the
lady in char ge of the lavatories is
talking disinfectants with a sup¬
plier. Upstairs everyone is quietly
getting on with their work. At
Hinehritne many of the workers do
what the boss hims elf does, and
pick up a couple of c ant e en sand¬
wiches to eat at their desks.

rahsnn works hard, and expects
others to do likewise. His office day
starts soon after 7am, and would
continue until after 6pm, were it
not for his charitable work. This
means about two meetings a week
for Business in the Community,
universities and local charities.

To help him , his he has one secre¬
tary, who spends much of ter time
heading a “kaizen” group on contin¬
uous improvement in Nissan's
administration. The phone rings
and as the secretary is not there, he
answers it himself. With no unnec-

lan Gibson: ‘I do not Uko glory hunters said do not want to bo one*

essary preliminaries, he asks what
it costs to sponsor a race.

Those who t hink that the effi¬
cient. caring set-up at Nissan
sounds too good to be true would be
heartened by a book* published this
week arguing that it is a sham- the
company is taking advantage of
high unemployment to extract more

than its pound of flesh from its
workers.

Gibson shows no defensiveness at
the mention of the book. “I don’t
know how to put it..." Always
understated, he is being particu¬
larly carefuL “They wrote the book
without ever coming here. If you
read it, it is about political class

How stress can make you tick at work

Jenny Cozens explains why some people can cope well with pressure while others crack up

experience, and some are even
looking for the job satisfaction
gene.

This new line of research
emerged In the 1980s, striking a
chord with the general emphasis
placed during the decade on the
individual.

Host of the studies have followed
people over a long period of time
to see how they feel about their
jobs, to assess their symptoms,
and see what effect life events like
marriage «nd relocation have had.

One US study using 10 years of
survey data on almost 5,000 mm
and women looked at the effects
of major life changes on well-being.

It found that individuals* scores
werefefrty constant over time,
even when they had been through

stressful events, like changing jobs
or partners or moving house.

The research does not doubt that
most of us feel bad as a reaction
to things going wrong or to being
under severe pressure. Instead,
its message is that the majority
find it relatively easy to adapt to
these rfmng ws , but the rest will
react with symptoms of stress.

A review by two American stress
researchers looking at a number
of studies of life stress -
occupational or otherwise —
concluded that around 25 per cent
of the population was chronically
stressed.

Anot her long-term American
study found that teenagers’
dissatisfaction with their jobs
correlated closely with how the

same people saw their jobs when
they were in their fifties.

An employer's natural response
to this new body of research might
be to page the in-house
psychologist to identity the
stressed workers with a view to
firing them. Once that small,
dissatisfied group had been
removed, the boSS COUld than malta

the job as difficult as possible,
knowing the rest could take ft.

It is not as easy as that While
some people are more susceptible
to stress than others, stressful
aspects of the environment do lead
to poorer performance and
mistakes, whoever Is doing the
job.

A recent study of banks In the
US found that the attitudes of the

counter staff in any

branch were closely reflected by

the attitudes of the customers.

So tf the bank clerks were
unhappy with the personnel policy
of the h- branch, rt»T« was reflected
in the customers’ attitudes about
service.

Moreover, stressed people
sometimes have other attributes
that the organisation needs: a
recent study of junior doctors
showed that those who were
chronically stressed over a couple
of years had more empathy with
patients than the c heerful lot.

There is plenty of evidence that
providing psychological help
within the workplace, as the Post
Office and some commercial
organisations have done, reduces

the symptoms, improves job
satisfaction and discourages
absence. A recent study by
Professor Cary Cooper and his team
from the University of Manchester
Institute of Science and Technology
found that absence fell by 50 per
cent on average for those who had
attended the Post Office
counselling service.

- There Is also evidence that
introducing a more general stress
management course - one that
reaches cheerful employees as well
as those who might be more In
need - reduces mistakes. For
example, an American study looked
at 67 hospitals and found that the
nnmber of litigation suits for
malpractice was related to levels
of stress in the employees. When

struggle... I believed that was
something that had died out in Brit¬
ish industry.” Maybe it has at Nis¬
san, but then Nissan will waste no
time in telling you that it is ahead
of the game.

•The Nissan Enigma by Philip
Garrahan and Paul Stewart Man¬
sell Publishing

they introduced an
organisation-wide stress

manapmBn t p ro gramme , drug

prescription errors were halved
and litigation suits fell from 31
in one year to nine the next

In a recent study that I
conducted with a colleague looking
at change in attitudes after
therapy, we found that not only
did people’s symptoms fell after
therapy but they also liked their
jobs more. They enjoyed being with
their colleagues more, felt much
more competent and felt their
workload was less demanding:

They were even more satisfied with
their pay.

Not everyone reacts to their job
in a way which makes them
stressed. What matters is that
difficult jobs continue to be be
improved, and that the people who
find themselves affected are given
the help they need, wherever it’s
possible.

The author is a consultant
psychologist

BUSINESSES FOR SALE

i

, 'V' * ■>

■v*

BUSINESS
FOR S ALE

SmaHscaffoMhirecarnpanyfor
disposal. Prcsetfliy snbeidiflry of
family owned group who are
reorganising activities. Location
Devon. £200K working capital
injection required fiora.
purchaser. Going concern with

plCOSp»4b« Offers negotiable
around £5GK far company.

Ini rial prospectus available to
serious enquirers who provide
details of their interest.
Write to Box A4071,R n a n riat
Times, Ooo Southwark Bridget
London SE19HL

BUSINESS

AND

ASSETS

Of solvent and insolvent
companies ; for
sale.Business and
Assets.

Tel 071 262 1164
(M on - Fri)

LEGAL NOTICES

Omuimdt Number 1239791 Ro*i*tcraJ la

&1,t C2T REALISATIONS LUSTrCO
(FORMER L? KNOWN AS GORDON
RICHARDS TOO LS (BI RMINGHAM)
LIMITED)

<KKNT ADMINISTRATIVE

■ RECEIVERS APPOINTED)
NOTICE IS HEHEBYGWEN, pjgwjt»

UoUaBSTia 30 tm 1991 - 1 O 30 md

S3ESSS3SS

anui Bor. U ll tbtakJ tto,

(fedbW W <” bp** t* A

or her WML Hhawnew tei
•fcMfbyorsobctairofd*

emu Jv on

Active Memory.

Technology Ltd (In Receivership)

Reading, Berkshire

The opportunity has arisen for the actpristtlon of the
business and assets of AMT (HofcGngs) Limited (hi Receiver¬
ship] and Active Memory Tbctmotogy UmftBd (to Recehwaftlp).

The principal featnres ofttie business are:

• Leaders in the tectinokjgy of rnassiveiy paraSe) compirters;
•ttghty skilled and Internationally respected systems

fevriopmsitteam;

• bKsflsctual property rights and know-how:

• Maintenance badness turnover £350,000;

• Significant large value order potential;

• Modern leasehold premises In Rinding;

• Whofty owned US business and manufacturing plant
Fordetafis pfeasa contact Tha JofeftAdmHs&sUve

Rscaivet MD Gercke FCA of Price watartouse, Thames
Court, 1 Victoria Street, URndsoi; Berkshire, SU1H8.

Tat (0753) 868202. Fax (0753) 833528.

PHceJfiiterkouse e

FOR SALE

Independent Software House
BS 5750 Registered
T/01991 c. £500k

Please write » Box No. A4076, Financial Txmea,
One Southwark Bridge, London SEl 9HL

PUBLIC NOTICES

MMC INVITES EVIDENCE ON

S THE ACQUISITION BY BM
r GROUP PLC OF THWAITES

LIMITED.

The Monopolies and Mergers Commission would like to
hear foam any person with Information or views on the
acquisition by BM Group PLC of Thwaltes limited.

The Commission will be considering whether the
acquisition raises competition concerns in the market for
the supply of site dumpers and whether the acquisition
may be expected to operate against the public interest.

The Commission would like jMdence in witting by 3 July
1992 to be sent to: Mr JJL Battersby. Reference Secret ary
(BM/Ibwaltes). Monopolies and Mergers Commission. New
Court. 48 Carey Street. London WC2A 2JT.

...

Appear in the Financial Times
on Tuesdays, Fridays and Saturdays.

For further information or to advertise in this section please contact
Meianie Miles on 071 873 3308

financialtimes

iuumi unmiii Hiwwm

.. C&JH Precision

Engineering Company

^ (In Receivership)

1 Worcester h

i vJj

The business and assets of the
above general subcontracting
precision engineering company are
for sale.

• Freehold property available

# Annual turnover approx £0.#M

• Skilled workforce

# Established over 20 years

For further details contact the Joint
Administrative Receiver: Roy
Webby, Grant Thornton, Enterprise
House, 115 Edmund Street,
Birmingham B3 2HJ.

Td: 021-212 4000 Fax: 021-212 4014

Grant ITiomton S

The ILK. member firm d Grant Thornton Inter n trkxtj i.
Authorised by die Insoroie o£ Chartered Aoco wn t m B m
Engtwrd and Wales to carry oo bwa mrnr beans*.

Ltd

3 rV

louche

ESTABLISHED
MANUFACTURERS OF
MEASURING MACHINES

The Adsi ui t ria flre geerireti offer for tale the b i fa rrn «ed swat* of
*T ft MrtmlnfjIheltril ■mifuimnrnfliljk(rrhnntnpcapital

• As aea l Catwr a p y o aimaty £14 i

• Cosadttcd, tfcfied wodrftHC*.

• Bbs chip cattom tme.

• Large saxfcet ffcarc.

• Order book SMMOpias.

For Bather Mooeattoe please t

Dffip Dxttxnl

BOO BJeder Handy*,

206 Derby Road,

NG7 TNQ
IfctepiUMie! 0682 4153 U
Frc 0602 410193

BDO

BINDER

HAMLYN

Bail lie Longstaff Limited
and subsidiaries

(In Administration)

The Joint Administrators, D. L. Morgan and N. R. Lyle,

offer for sale the business of BaiUie Longstaff.

Bailiie Longstaff Limited

□ Insurance intermediary for household and motor
insurance, and extended warranties on electrical
household appliances.

□ Client base includes agreements with mail order
companies to provide cover for their clients.

□ Turnover in 1991 £1,040,000.

CIS (UK) Limited

O Insurance intermediary for household and motor
insurance.

□ Clients consist of customers of the mail order company
Grattan PLC.

□ Turnover in 199! £420,000.

LBGSUfl) Limited

O Insurance intermediary for household and motor
insurance.

□ Sole client is Lloyds Bank Group Staff Union for the
last 10 years.

□ TUmover in 1991 £220,000.

For further information please contact Andrew Brannon or
Ann Quartern) ain at the address below.

PO Box 810, Friary Court, 65 Crutchcd Friars. London EC3N 2NP.
Tel: 071 936 3000. Fax:Q7! 480 6958.

ArtfaMhcd by ite taniiutt of Gartered AccowunB io Engteid md Walo to evty oh larcaaciM Bunns.

Chartered Accountants

Aatharitgd by tht Inoiaae cfCiarterai Acctaattmu in Engkaul

and Water to carry on imetonqu buthuva.

PLASTIC INJECTION MOULDING ■
COMPANY FOR SALE
High precision piastic moulders, well
established, modern plant, good technical
expertise, with well known customer list
For sale due to the family wishing to retire.

For tortwr detefe write to: Box A4072, Rnandal Timas,
ftno 4nithiml RiUna I rmrinn SP1 M-fl

STEEL

FABRICATION

COMPANY

Long established Sooth Coast
oompwiy occupying its own freehold
Coma, turnover £25M
w&h growth po ftwal for £*M pins.
PLC dieat base wife forward order
book. Cbinpanyfeefiflg effects*
high tarot i*cs and recession bat
Wdl poised B tdee fall advntege of
recovery fa economy.

Replies in GaaCIttee to Bos A4068,
pmuoialTnea, ODoSoetfawatfe
Bridge, Loafcxi SEl 9HL

RADIO & TELEVISION
MONITORING COMPANY
FOR SALE

Established * Profitable * City Based
Price £400,000

Principals only to Box A4074, Financial Times ,
One Southwark Bridge , London SEJt 9HL

12

FINANCIAL TIMES FRIDAY JUNE 19 1992

TECHNOLOGY

Worth Watching - Paul Taylor

Fax machine for

the globetrotter

Globetrotting executives can still
face telecommunications

problems once they step off the
beaten path. It is not e asy, f or
example, to send a fax from a
Tibetan if mnwtaiwwtiig or check
the head-office flatabe*” from
deepest Africa.

But portable global
communication Is now a reality
for travellers in areas of
unreliable or non-existent
co mmunicatio ns.

Inmarsat C mobile satellite
earth stations, supplied by
UK-based Applied Satellite
Technology, work with portable
personal computers and use the
geostationary Inmarsat satellites
to provide two-way telex, fax
(send only) and other data
communicatio ns from anywhere
In the world.

The briefcase-sized Nomad 2000
weighs 5kg and takes just
minutes to set op using a
directional antenna. It works
with any MS-Dos compatible
computer transmitting at a speed
of 600 bits per second and can
send data for 30 minotes or
receive for 60 minutes using its
internal batteries.

The Nomad 2000 costs £6,790
and can be supplied with an
optional £1,300 laptop computer.
Applied Satellite Technology:

UK, 0603 427434.

Immune system
battles stress

Peeling ran down? Researchers
at Utrecht University now think
that proloi&ed acute stress could
weaken the body's immune
system, making It mote prone
to illness.

In their study the researchers
subjected secondary school
teachers to stress by asking them
to solve an impossible
three-dimensional puzzle under

a time constraint, flie volunteers'
white blood cell count was taken
immediately before and after the
stress test In some teachers the
number of natural killw cells
had risen considerably by the
end of the test but returned to
normal within 30 minutes.

Although it Is difficult to draw
conclusions the researchers
believe that the number and
intensity of stressful events have
a negative effect on the body's
resistance. In the long term this
could Increase the chance of
infections. Utrecht University
Academic Hospital: The
Netherlands; 31 30 507680.

Spreadsheet keeps

itself fit check

ONE of the chores of building
a computer spreadsheet is
checking that the data has been
accurately entered. Reading the
□umbers back to a colleague is
both time-consuming and tedious.

But Temair Software, based
in Rhode Island, has developed
a software package called
Spreadsheet Echo which enables
the computer to read Lotus 1-2-3
spreadsheet numbers back to the

user.

The software will read back
a range of numbers either by row
or column, can be told to pause
between cells, and speak In either
a male or female voice. The user
can also set speed or volume
levels and listen through the
computer's internal speaker or
through headphones.

The programme, which costs
$99.95, is also multilingual.

Temair Software: US, 401454
4565.

Reinventing
the golf cart

Who says there is no point In
reinventing the wheel? Hugh
O’Neil has done Just that with
a revolutionary golf cart which
features slits on the outer rim
of the tire. They follow the
contours of the ground, changing
shape from a round to an oval
as they traverse.

The result is a machine which
can go anywhere in extreme
weather conditions but which
.exerts about a quarter of the
pressure of an average man’s foot

The three-wheeled Elite golf
cart Is battery driven, carries
one person at 14kph and costs
£1,800. Elite Golf Products: UK;
0306 743945.

the border lines

Europe’s cellular phone network is poised to cross
national frontiers, writes William Dawkins

G ood news is on the way
for car telephone users
in Europe who find their
phones stop working as
soon as they drive over a national
border .into ah incompatible net¬
work. -

From the beginning of next
mo n th , the first 1 commercial mm .
pies of a new generation of cellular
telephones, able to receive and
make calls anywhere In Europe,
come on sate in France and Ger¬
many.

They are based on a common
European standard, called GSM
(Global System for Mobile Commu¬
nications), to be phased into fuQ
operation over the next five years in
the 17 countries that have agreed to
use the GSM norm. The current
patchwork of six conflicting
regional systems will, for the time
being, continue alongside the new
network.

It is no surprise that France and
Germany are the first to introduce
GSM. They badly need to catch up.
A large number of businessmen and
women cross their long frontiers
regularly and yet both countries

have among the lowestuse of cellu¬
lar phones in Europe, well behind
Britain, Switzerland and the Scandi¬
navian countries. .

GSM, a digital transmission sys¬
tem, is radically different from the
current analogue generation in that
it delivers ultra-dear sound and a
range of clever functions. In addi¬
tion, a GSM phone can be plugged
into a fox m ° r * 1 * T i R i a computer or
even a teletext terminal like
France’s Mini tel system without a
modem.

Each subscriber has a smart card
which stores personal information.
This is slotted into the phone to
make it work. The card, rather than
the terminal, contains the subscrib¬
ers’ telephone number and tells the
operator where to send bills. If nec¬
essary, a subscriber can leave his
phone at home and rent or borrow a
portable one, whether in a taxi or
someone else's office. The card can
also be programmed so that calls
can be forwarded. Incoming calls
can be held while the phone is
engaged, and outgoing or Incoming
calls can be barred.

Baptised “Itineris" in France, the

system is being launched by France
Teldcom in Paris and Lyon from
July 1, with the German system to
fallow a week later. France Tei&com
piafl g to cover three more cities by
the end of the year and 90 per cent
of France by 1995. SFR, the French
private sector cellular phone opera¬
tor, plans to unveil its own GSM
system shortly.

Itineris phones, initially supplied
by Orbital, Nokia and Motorola, sell
for between FFr10,000 (£1,000) and
FFr15,000, slightly cheaper than
existing cellular phones. Prices
could even halve In the next five
years as European sales grow and
allow the producers of terminals to
achieve economies of scale, predicts
Marcel Roulet, president of France
Telecom.

Clearly, it is too early to say how
Itineris will go down with the
French public. The coming year will
be for “technical evaluation’*, with
commercial takeoff likely in 1993,
believes Roulet.

Already, technical experts point
to two possible improvements.
Some users, they fear, might be baf¬
fled by the big choice of functions.

so some form of automatic guidance
would be desirable, like the help
function on a computer program.
Second, because equivalent chips on
GSM smart cards and existing
French telephone charge cards are
positioned differently, it will be
impossible in the future to use the
same bit of plastic for both.

However, GSM should avoid the
capacity limits imposed by the
shortage of radio frequencies, which

affects the two analogue networks,
France Telecom’s Radio 2000 and
SFR. Instead, digital technology will
increase capacity in the European
countries that have applied the
standard to 20m. compared with
just 3.4m subscribers now.

On the strength of this, France
Telecom believes that around a fifth
of its income from telephone
charges will come from cellular ser¬
vices by the end of the decade.

Computer takes on a mind of its own

Steven Bntler says the ‘ thin king’ machine is a little closer, to becoming a reality

A computer that does not
need software to tell it how
to perform a task appears to
be a contradiction in terms, but that
is what Ricoh, the Japanese office
equipment company, unveiled yes¬
terday in Tokyo.

Don't start erasing software flies
from your computer just yet.
Ricoh’s experimental neural com¬
puter - so called because it imi¬
tates human thinking processes -
can only learn 16 characters at a
time, even though it is put together
with microchips that are blazlngly
test

This is indeed a primitive perfor¬
mance for a computer that is 500
times faster thnn the typical work¬
station, and four times faster than
supercomputers.

Ricoh's neural computer is none
the less a tantalising hint of thing s
to come. In a year or so Ricoh hopes
to install a small neural computer
in its office photocopiers - one that
will learn by itself, without soft¬
ware that sets parameters, how to
adjust all of the interrelated vari¬
ables that determine whether a
copy comes out with even tone.

The neural computer itself is not
a new concept. Other Japanese com¬
panies like NEC, Fujitsu and
Hitachi have developed neural com¬
puters that learn from their mis¬
takes until they can perform a task.
The theoretical advantage is that
these machines should eventually
be able to deal with ambiguous situ¬
ations and to make judgments, like
the human brain. They could be

useful for text or voice recognition.

Morlo Onoe, professor emeritus at
Tokyo University and general man¬
ager of Ricoh's R&D group, says
that existing neural computers have
combined the traditional central
processing unit with software that
imitates the functions of neurons of
the human brain.

Ricoh’s computer, by contrast,
has no central processor, just 16
neurons that operate in parallel and
are linked together. This allows
them to perform at much higher
speed. The computer is fed informa¬
tion In digital form and given a
god, but left to its own devices on
how to achieve it

So far the tasks performed are
simple. The computer, for example,
was yesterday fed equations

describing the rolling of a ball on a
tilted see-saw, and told to move the
see-saw to prevent the ball from
falling off the end. After a dozen of
so failed attempts, the computer
managed to balance the ball in the
middle.

Onoe says the advances have
come in two areas: the dispensing of
software that instructs the com¬
puter how to perform specific tasks
and higher-speed processing of com¬
plex problems.

The experimental computer is put
together with 32 neural chips which
Ricoh developed two years ago and
which have a single neuron per
chip. The computer has a process¬
ing speed of 128MCPS (million com¬
puting connections per second).

The drawback erf Ricoh’s neural

computer is that it requires a huge
amount of computing power to
learn something useful.

Onoe says the first practical appli¬
cations for the computer will be in
mechanical control, where the vari¬
ables are relatively few. While
Ricoh plans to use the technology
In its own office machines, it would
also welcome partners to develop
control systems for factory robots.
Use of the computers for voice or
character processing will require
much larger capacity. .

Don’t expect the machines to
appear on desk tops any time soon.
But they could eventually learn not,
only to process words, but print out
letters from dictation and eventu¬
ally, perhaps, write the memos on
their own too.

7 'll vlliiHH U tiOl till JJl (jJ.tl fJ'HiffH

Ml® _ _

■ * r » ,, J. . c».

.A ,*>. * ■" * * H 1 *' " *•• • •. V * *'*' •-ti

^3*

.. Jmmti

f.rf

mats**

V*!*? i'''

International businesses and individual investors
worldwide have found the advantages offered by Malta
to be highly attractive.

M A perfect location H Measurably lower operating costs
Fiscal and other benefits M Availability of qualified professionals
M Highly educated, English speaking workforce Mt Security

and more...

In Malta yon will be in the bot ut company... m a porloct annate

For more information please contact:

Malta International Business Authority

Palazzo Spinola, P.O. Box St. Julians 29, Malta.

Tel: (+356) 344230 Fax: (+356) 344334 Telex: 1692 MIBA MW

The world's
leading airlines
take you to
new

heights of
understanding.^

&

For business travellers
such as yourself its
important to know that
more than one hundred
airlines - serving every
continent - offer
complimentary copies
of the Financial Times
of London.

It will keep you in
toudi with developing
events at every stop on
your itinerary, and.
indeed in every part of
the globe. Remember
to ask for the FT on
your next flight

r:

FINANCIAL TIMES

INDIA

1992

The FT proposes to
publish this survey on

June 26 1992.
This survey will be
read m 160 countries
worldwide, including
India where it will- be
widely distributed. In
Europe 92% of the
professional
investment
community regularly
read the FT. If you
want to reach this
important audience,
call

Louise Hunter

071 873 3238
or Fax 071 873 3079.

Dm sourca P ro fe si ion ai
investment Community 1991
(MPC Int'l)

PEOPLE

Moving upstairs in the
Lever household

Lord Klndersley (left), who has chaired Brent Walker through its
£L63bn refinancing, is to retire from the group at next month's
annual meeting. He was appointed in January 1991 expecting a
fairly brief, though arduous, tenure of the. Job. But the repeated
delays In completing the refinancing until the end of Marnii thin
year kept him occupied seven days a week.

Now, at 62, he looks forward to spending same time on his
other interests, he says. One ofhls top priorities is to organise a
deer-park owners’ Initiative to Improve the marketing of veni¬
son. He has 400 deer of his own in Kent His preoccupation with
Brent Walker, which yesterday repented an annual loss totalling
£411.4m, has, be says, nearly cost him his place on the manage¬
ment committee of Wimbledon. And he feels that as chairman of
the Thailand Investment Trust he really ought to visit the
country.

Also resigning is Alan Clements (right), former Id finance
director, who Joined as a non-executive director In the early
stages of the refinancing as well. He subsequently became the
only non-executive director on the board and had to carry the
burden that entailed. He too has other interests requiring his
time, not the least his directorship of Mirror Group Newspapers.

Brent Walker Is in the process of recruiting a new chairman
and some non-executive directors. Some names should be ready
by tizeagm.

Lever Brothers, the UK
detergents business of Anglo-
Dutch consumer products com¬
pany Unilever, has a new chief
executive, Andrew Seth, who
arrives from Lever Europe in
Brussels. He had been a gen¬
eral manager in charge of
household cleaning products
for the past two years, and ear¬
lier held a series of positions
with Lever elsewhere in
Europe as well as America. In
the late 1970s and early 1980s
he had been marketing direc¬
tor of Lever Brothers in the
UK.

Seth, 55, replaces Roy Brown,
who at 45 has moved up to the
Unilever main board as a
regional director with responsi¬
bility for Africa and the Middle
East Clearly on the Unilever
fast-track. Brown has moved

speedily through the ranks. He
had been chief executive of
Lever Brothers for less than 18
months, where one of his prin¬
cipal tasks had been to oversee
the implementation of the UK
mid of the new Lever Europe
strategy - the drive to make
the European detergent busi¬
nesses work together more
effectively. Also daring
Brown’s time there, Lever
introduced concentrated liquid
detergent to the UK market
Among a range of many pre¬
vious posts within the group,
he has been technical director
of Bird’s Eye Walls and chair¬
man of Plant Breeding Interna¬
tional. His overseas experience
comes partly from a period in
the mid 1980s when he was
chairman of Unilever’s planta¬
tions activities.

Moves in
finance

Departures

■ Patrick Cooper is resigning
from the board of GOODE
DURRANT but remains a
director of its subsidiary
Ravenstock (Tam) Holdings.
■Gerald Palfreyman has
resigned from EVODE.

■ Leonard Blackwood has
resigned from P-E
INTERNATIONAL.

■ David Watkins has resigned

from MOUNTLEIGH.

■ Charles Cha rlwoo d has
retired from ATTKEN HUME
INTERNATIONAL for health
reasons.

■ The Earl of Shrewsbury and

Waterford has resigned from

the BRITANNIA BUILDING
SOCIETY.-

■Colin Burrowes has resigned
from CAKEBREAD ROBEY
&CO.

■ Derek Henson is retiring
from J SAINSBURY.

■Tony Herbert, Denison
Moxon and Jim Morris have
been appointed directors of
GREIG MIDDLETON.
■Richard Kilsby, formerly
vice-chairman of Charterhouse
Bank, has been appointed an
md of BANKERS TRUST
COMPANY. Tony Moore,
formerly with County Natwest,
has joined Bankers Trust
Company as an md and head
of corporate finance
origination for the UK and
parts of Europe.

■Richard Payne and
Christopher Collins have been
appointed directors of
PANMURE GORDON.

■ James Jamieson has bear
appointed a director of the
PR INdP AUTY BUILDING .
SOCIETY.

■Stuart Bridges has been
appointed to the board of
TOUCHE REMNANT
INVESTMENT
MANAGEMENT.

■PatrickSetters has be en
appointed director of LLOYDS
DEVELOPMENT CAPITAL.
■Dexmct Keegan is appoin te d
director oaf retail sales for
COUNTY NATWEST
INVESTMENT
MANAGEMENT.

■Stephen Hargrave has been
appoi n t e d chai r man of the
QHLDSEN’S MEDICAL
CHARITY INVESTMENT

TRUST in place of Andrew -
Ferioff who remains a director,
bike Johnson becomes deputy
chairman.

CO UNTY NATWEST
INVESTMENT . .
MANAGEMENTasaUK
economist front Crown Agents
Asset Management.

Instructive role for Wally Olins

Wally Olins, one of the UK's
design gurus, has decided to go
back to school. “Not before
time," might be the cry of all
those critics of the revamped
corporate Image sector of the
design world, of which Olins is
a leading light
But before the knives Hash
too fiercely, let It be known
that Olins is returning to edu¬
cation not io learn but to
instruct. He has just been
appointed visiting professor at
Lancaster University manage¬

ment school, where he will be
involved initially in the
school's MBA courses.

Later he will participate in
the expansion of the school’s
marketing programme; there
are plans to Introduce an
advertising course this year.
Olins will continue his role as
chairman of Wolff Ofins, tile
corporate Identity consultancy,
which he co-founded.

Lancaster clearly feels chuf¬
fed with the appointment Its
mess release proudly mentions

Wolff Olins’ corporate identity
work for VW/Audi, Prudential.
Boris, Akzo and the Metropoli¬
tan police force In London. But
strangely, it omits to mention
tiie most famous recent Wolff
Olins work, the corporate rede¬
sign for BT, the implementa¬
tion of which is estimated to
have cost some SSOm.

The new logo - a sUhooette
of pan blowing a heraldic
trumpet - met with wide¬
spread derialou, not least
because Pan blew a syrinx.

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F ! N ^ N ^? AL T,MES FRIDAY JUNE

19 1992

ARTS

Oliver Parker and Cathryn Harrison

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Theatre/ Malcolm Rutherford

As You Like It

The Open Air Theatre at
Regent's Park ought to be the
ideal setting for As You Lite It,
just as it is for A Midsummer
Night's Dream. The Forest of
Arden corresponds more
closely to Regent’s Park than
most of the rest of London.
Never underestimate, however,
the chances of a director get¬
ting it wrong by trying to be
clever. Maria Aitken’s produc¬
tion is perverse.'

To he fair to Ms Aitken, her
As You Like It is not nearly as
dreadful as her 'programme
note would lead you to think
Aitken claims that Jaques, the
melancholy outsider, is the
equivalent of a 20th century
movie director: he has spotted
that all the world’s a stage and
Arden is the place where you
go to shoot on location.

The idea produces one good
joke. In the wrestling match
Orlando gets hammered in the
first round. Jaques, the movie
director, calls a halt and sub¬
stitutes the stand-in who pum¬
mels the court wrestler close to
death. This is Hollywood tri¬
umphant, hut merely a gloss
on As You Like It. Gradually
Hollywood recedes and the

play takes over although the
production remains perverse.

: Ms Aitken appears to think
that all the men in the play are
drips and all the women play¬
ers. There is some evidence in
the text for her point of view -
Orlando is not a ball of fire and
you could say that Rosalind is
lowering her standards by
chasing him. On the other
hand, If you take the female
superiority too far, you begin
to distort the play. As You Lite
It Is abont boy meets girl,
mutual attraction. There has to
be something to be said for the
men.

Aitken's preference for put¬
ting the women first has
strange effects. Corin, the
shepherd, has some wonderful
lines in defence of the pastoral
society: The greatest of my
pride is to see my ewes graze
and my lambs suck.” He is not
allowed to speak them as if
they are at the heart of the
play or as if anyone might
wish to take, him seriously.

The minor part of Phebe, the
shepherdess, comes out as one
of the most striking characters.
This is partly because she Is
played by Anna Patrick, whose

Moll Cutpurse

In 1610, the famous rogue Moll
Cutpurse saw her own life dra¬
matised as The Rourmg Girl by
Thomas Dekker and Thomas
Middleton. If real characters
could wander on stage, why
could not Middleton mix it
with Moll offstage? That situa¬
tion provides the comedy in
Moil Cutpurse, an entertaining,
play about Middleton at the
Drill Hall Arts Centre.

Nick Stafford’s fantasy
works on situation rather .than
plot. Middleton appears as a
blocked writer who cannot
bring himself to say ‘'Shake¬
speare” or to quote from any of
the plays. He decides to gamer
material for a new play, and
tights on MolL She and her
confederates, Maria and John,
welcome him as only those
hungry for publicity welcome a
TV documentary crew.

An intrigue of deception
ensues, driven by greed and
lubricity. The action turns on a
flimsy revenge plot, a bag of

counterfeit coin and the writ¬
ing of Middleton's play. The
labyrinthine business strikes a
parody of Middleton’s own
plots; and the language is a
riot of plackets and peccadillos,
consistently bawdy and sugges¬
tive. Middleton attempts to
shepherd all this chaos into the
pages of his own play.

Simon Deacon's ambient
music lifts the action and helps
focus Helen White’s clever
direction.. She gets fine perfor¬
mances from the cast of four.
Peter Shorey as Middleton and
Janice McKenzie as Moll estab¬
lish a bruising rapport: Shorey
In particular shows control and
range. The play's funniest
scene, between Middleton and
Moll’s confederates (Beaux
Bryant and Jim Findley) finds
him physically sick in being
forced to hear Shakespeare’s
ISOth sonnet

But the New Perspectives
Theatre Company has shackled
Itself in this production to the

ideal of “political correctness":
fine in principle but clumsy in
practice here. Old norms are 1
assiduously avoided: so the
women are lesbian, the men
gay, and relations between the
sexes financial. The choices for
women look stark: servant,
whore or wife; unless like Moll
they “live by their wits against
all costs."

Beyond the bustle and ener¬
getic acting, Moll Cutpurse
needs a wider scope, grander
design. As a play about Middle-
ton, it offers little. Its serious¬
ness focuses on the position of
women, then and now. Fifty
years after Middleton’s death,
one playwright was writing
more and better on the same.
Her name was Aphra Behn.

Andrew St George

Drill Hall Arts Centre (071 601
1353) until 27 June (ex. IS
June)

Austerity with a baroque twist

Susan Moore reviews the art and craft of the Hutterites and Mennonites

performance as Helena in the
Regent’s Park production of
the Dream has already shown
her to be an actress at the top
of the class. It is also because
the production suggests that
she is a woman striking out on
her own. The text shows
plainly that she is only having I
a minor fling.

Aitken’s perversity runs into
problems with Jaques, played
by Bette Bourne. He is over-
coiffeured and noticeably over¬
weight. He speaks his lines
very well, but the underlying
suggestion is that he Is suffer¬
ing from some fatal disease,
quite probably AIDS, not an
improvement on the original
unexplained melancholy.

Rosalind is played with some
distinction by Cathryn Har¬
rison. The question remains of
what a clever girl like this is
doing chasing a duffer like
Orlando. The logical conclu¬
sion of Aitken’s interpretation
is that Rosalind should go off
with Phebe. Still, you can’t
keep a good play down; nor the
pleasures of Regent's Park
either.

Sponsored by Unilever

I n summer, the colony bell wakes
everyone at 6.15 am. The bell calls
the adults to the communal
kitchen for a breakfast of prunes,
cheese, smoked bam, bread, jam and
coffee. Quickly and in order the men
file in, hang their hats and take their
assigned places on benches around a
long table. All wear black working trou¬
sers and coloured shirts; the mature
men are bearded. The women follow
and sit at a second table, their hair
identically arranged, their clothes
another uniform of polka-dotted brad
scarves, long patterned dresses and
aprons. No children are present.

A short prayer. Each person eats
quickly and In silence. Another prayer.
The dishes are carried into the kitchen.
Women finish clearing the tables and
begin washing up. The procedure takes
seven minutes in alL
The colony Is Hutterite, the date the
mid 1960s. For the first time, outsiders
had been admitted to observe and pho¬
tograph the life of what is the most long
lived of all Christian Utopian communi¬
ties. The Hutterites, like the other two
surviving German-speaking Anabaptist
sects, the Mennonites and the Amish,
chose to separate themselves from
church and state in the 16th century.
Endlessly persecuted, not least for their
pacifism as well as for their separate¬
ness, they sought refuge and land to
form first in Prussia or Russia, then the
US, and latterly in Western Canada.

Unlike the Mennonites and the
Amish, their life is communal, their
modest earthly goods the possession of
the community rather than an in divid¬
ual Moreover, they have continued to
resist integrating into a wider commu¬
nity. In North American in 1965, a popu¬
lation of some 16,500 Hutterites was
recorded in 170 colonies.

An image of those cheerless, regi¬
mented breakfasts ought to haunt like a
spectre “All Things Common”, a beauti¬
fully presented small show of Mennon-
ite and Hutterite furniture, textiles,
metalwork, ceramics and calligraphy at
Canada House. So seductively simple
and wholesome are these workaday rus¬

tic chests and chairs, and hands 0 ” 18
quilts, that the harshness of the life for
which they were made is blurred in a
romantic mist.

The Hutterite children who slept In
the gaily painted tura-of-the-century
cradle, and played in the child's wagon
of around 1930, were not allowed to
favour their own mothers above other
members of the community. Indoctrina¬
tion began early: by the age of two they
would be aware that the needs and will

of the colony took precedence over
those of the individual. Indeed, the indi¬
vidual will had to be broken, individual*
zty suppressed.

There appears to be a contradiction
between what we see in this exhibition
and what we know. Despite their aus¬
terity. the so-called “Plain Folk" in som¬
bre blue clothing appear not so pfafri
alter alL Unlike the Shakers who
rationalised 18th century EngUch furni¬
ture to create a new, streamlined, func-

A Mennonite bed with a colourful quilt and wall hang in g

tional style, Mennonite and Hutterite
craftsmen continued to copy and sim¬
plify old prototypes. Those prototypes
happened to be in the most immodestly
exuberant and self-indulgent of decora¬
tive styles, the baroque.

The survival of Germanic forms and
decorative traditions among these -
and other - widely dispersed and much
travelled Germanic colonies is striking.
Theirs is a similar small repertory of
essential furniture; blanket boxes, wall
cupboards, chairs, tables and sleeping
benches, which serve as storage chest,
bench and bed. In the latter, in particu¬
lar, we find Baroque curlicues and
scrolling arm rests, back rests and
skirts. Throughout are unexpected
bright primarily colours. Inlay, trompe
l'oeil, and Hansel and Gretel heart-
shaped cuts outs.

In contrast to Shaker furniture and
artefacts, some of these pieces seem
fussy, galumphing and poorly made.
What they lack in aesthetic and techni¬
cal refinement, however, they often
make up for in spirit We can imagine
the sense of satisfaction felt by the man
who carved the heart in the top of the
cabbage cutter here, or forged the
heart-shaped trivets, as well as the sim¬
ple pleasure derived by those who han¬
dled them.

An instinctive feel for colour and
design is evident in the traditionally
patterned Mennonite quilts on show.
That sense of design is also apparent in
perhaps the most distinctive works here
— the lively manuscript illumination
known as “firaktur’". Again, the art form
derives from Swiss-German traditions,
but it flowered in the New World. The
motifs that once decorated the borders
of important family documents became
as important as the script itself, and
even exist without it. Eight-pointed
stars, hearts, birds, flowers, animals
and trees of life weave their lively,
rhythmic watercolour courses across
the page.

All Things Common continues at
Canada House, Trafalgar Square, until

July S.

Opera in Italy/ William Weaver

C oncluding its opera season,
the Bologna Comunale has
just mounted a sparkling new
Cenerentola, obviously
intended also as a contribution to the
Rossini bicentenary festivities, which
continue in full spade throughout Italy.
The new production served further as a
showcase for the young mezzosoprano
Cecilia Bartoli, the brightest rising star
in the Italian operatic firmament,
known as much for her notable record¬
ings as for her theatre appearances.

But Bartoli in the real life of the stage
Is even more exciting than Bartoli on
discs, for in addition to her vocal virtu¬
osity she is an engaging, natural act¬
ress, sensitive to words, including those
of her fellow-performers. She never per¬
forms in a vacuum, but securely in con¬
text

In Bologna she was surrounded by
first-class performers. Cenerentola is not
a mezzosoprano vehicle: it makes heavy
demands also on the other Interpreters,
and the casting of Ramiro, Magnifico
and Dandini is as important as the

Bartoli’s ‘Cenerentola7 6 Cosi fan tutte’

liam Matteuzzi, Claudio Desderi and the
talented young Lucio Gallo for these
three parts, and the spiteful stepsisters
were aptly played by Fernanda Costa
and Gloria Banditetii. The philosopher
Alidoro, of whom tittle but stately
nobility is required, was strongly cast,
too; and the bass Pietro Spagnoli added
to that nobility of mien authority of
voice and evident human concern. Rio-
cardo ChaiUy, the permanent conductor
of the Comunale, used the new critical
edition of the score, which inspired a
translucent reading with for more sub¬
tlety and charm than the usual. Chailly
allowed the vein of pathos to run
through the performance

Bartoli’s Cinderella, however, was not
pathetic or sentimental, even in the
opening scenes. Her first words to the
prince were immediately moving in
their simplicity. In the end, when good¬
ness has triumphed and the radiant
newly-made princess proclaims that l»r
forgiveness of her stepsisters will be
ter revenge, there is just a hint that
vengeance will get the upper hand and
the stepsisters had better watch out
This Cinderella is a young woman of
strong character, whether among the
embers or on the throne.

In unusually good voice, Matteuzzi
portrayed a youthful man of spirit, con¬
vincing as prince and lover. The young
Gallo has a big, commanding voice, per¬
haps more suited to verismo opera than
to Rossini; but he handled it well and
provided an untraditional, originally
comic valet-turnedrprince. Claudio Des¬
deri was a Don Magnifico totally in
command, outrageously funny and
Infallibly musical, singing not grum¬
bling his music. Like all the others, he
was firmly supported by the staging of

piece entirely corresponded to that of
Chailly: the comedy always had a wel¬
come elegance. Greedy, self-important,
foolishly ambitious, this Don Magnifico
was. nevertheless, an aristocrat,

Odette Nicoletti designed delightful
costumes; and Mauro Caros! invented a
splendid and versatile set, a high arch
crowning two curved staircases, in
Vesuvian-villa style. Thus, with a mini¬
mum of shifting, the scenic elements
could be transformed from the Baron’s
decaying palace to the Prince's country
seat The Comunale orchestra was obvi¬
ously in complete agreement with
Chailly's approach, and they played at
the top of their form. The chorus, too.

seemed newly energised. All this bodes
well for the recording which Decca will
make just after the final performance of
the season.

★

Stimulated largely by the success of his
recent recordings, considerable interest
surrounded the Italian debut of John
Eliot Gardiner as producer, staging
Mozart’s Cost fan tutte at the charming
Teatro Comunale in Ferrara. This was a
co-production with the Teatro Sao
Carlos of Lisbon, where it was seen last
month. The Ferrara opening night, last
Friday, was sold oat; and critics and
cognoscenti came from all over the
country for the event
The reception was warm, but the
artistic results were mixed, and some of
the specialists were disappointed. Not
with Gardiner's conducting; which was,
as expected, of great authority and sen¬
sibility. From the very first bars of the
Overture it was dear that the excellent
English Baroque Soloists were in secure
hands: tempos were firmly set, but
never so rigid as to exclude expressive

ward horn blurts, the sound was sweet
and silken, unusual for an “original
instruments” orchestra.

It was the voices that fell short of
expectation, especially the women.
Amanda Roocroft (Fiordiligi) and Rosa
Mannton (DorabeXLa) both have a pretty
soprano sound, but without personality.
True, in Gardiner’s view, the two sis¬
ters should be, for much of the piece,
virtually identical (and they wore con¬
fusingly twin costumes in the first
scenes); but their interchangeable
sameness quickly became monotonous.
The generic quality of their singing was
exacerbated by their woeful enuncia¬
tion of the Italian text and the excess of

gesticulation and grimacing that
marked their acting was a hindrance
rather than a help to comprehension. In
the mugging department, Eiriau James
was the worst offender; the voice also
lacked charm.

Carlos Feller gave the Italian words
their proper value, and his Alfonso was
the only character with three dimen¬
sions. He really looked and moved like
an 18th century Neapolitan gentleman,
not like a costumed singer. Unfortu¬
nately, his voice is an unpleasant bark
and he had difficulty with pitch. Hie
boys - Rainer Trust (Ferrando) and
Rodney Gfifry (Gugliehno) - were gen¬
erally better actors, but their singing
suffered from the same lack of focus as
the pris*. and their Italian was only
marginally better.

Jh a long evening (four hours includ¬
ing one interval), the generic singing
grew soporific, and one could not help
wondering if it was worth opening cuts
and restoring often-suppressed recita¬
tive. Gardiner, in a programme note,

to prevent someone less knowledgeable
from mucking about with the work. An
excellent motive, and his staging does
indeed respect the text and the music,
except for a few instances where the
maestro himself succumbs to produceii-
tis, introducing chained prisoners into
the scene of the troops’ arrival and two
mincing PulrineUas into the near-wed-
ding.

The story is firmly set In late 18th
century Naples by the splendid, seduc¬
tive sets as costumes of Carlo TommasL
DorabeHa and Mordffigi could not have
been brought back to their native Fer¬
rara in a more handsome visual con¬
text

law DM 130m Kunst-und
ngshalte will be opened
Chancellor Helmut
nded entirely by the
federal government,
otic exhibitions complex
t a multi-disciplinary
i, emphasising and
ding the links between
and sciences. The Idea
rtg ah exhibition centre

KStrate the federal
ant's commitment to
usually foe

billty of toe regions in

f) dates back to the

it it was not until 1985
iternational competition
iched to design a
building.

nner was Viennese
Gustav pelclil, who
bped a straightforward
far building giving over
are metrea of exhibition
i several levels. A
terrace is capped by
aqual cones, admitting,
tie areas below and

symbolising the classic triad
of the visual arts: architecture,
painting and sculpture. Further
symbolism can be found in a
row of 16 dark metal columns
along one side, one for each
German Land. In addition to
flexible exhibition spaces, there
is a technically sophisticated
complex consisting of a library,
television studios and rooms
for lectures, concerts and film
shows.

The Kunsttialle opens with
five different displays which will
run throughout the summer. The
first is a synthesis of the main
developments In modern art,
from the end of the last century
to the present day, with 150 key
works by 120 artists, all of whom
were rejected or misunderstood
by their contemporaries.
Pantheon of 20th Century
Photography is another
historical display, bringing
together images by 30
photographers, Including Diane
Arbus, Bemd and Hilla Beefier,
Paul Strand and Andr6 Kertesz.
Niki tie Saint Phalle gets a solo
show, with a wide range of
works Inside the building and
a further 35 outside in a kind
of roof garden. This is the first
time so many monumental works
by the French artist have been
shown in one place.

Another retrospective is
devoted to Gustav Petchl, while
a major display entitled Global
Change confronts the world's
environmental problems, giving
a view of the Earth on satellite
data, photographs and
audio-visual systems.

The artistic director of the new
centre Is Swedish scholar
Pontus Hulten, former manager
of the Los Angeles Museum of
Contemporary Art, Palazzo
Grass! In Venice and the Centre
Pompidou In Paris.

EXHIBITIONS GUIDE
AMSTERDAM

Stedefljk Museum The Great
Utopia: the Russian Avant-Garde
1915-1932. Ends Aug 31. Daily
Van Gogh Museum Prints by
19th century Japanese artist
Yoshitoshi. Ends June 28.
Masters from the Mesdag
Collection: 60 works from the
Hague and Barbizon schools.
Ends Aug 19. Daily
Rifksmuseum The influence of
Japan on Dutch Art Ends July
26. Closed Mon
FLORENCE

Ufflzl Florentine drawing at the
time of Lorenzo the Magnificent,
Including works by Filippo Lippi,
Leonardo, Michelangelo,
Botticelli and other Renaissance
artists. Ends July 26
LONDON

CourtauLd Institute Drawing in
Bologna 1500-1600: an
outstanding collection of more
than 60 drawings, almost all
from private collections and
including some recent
discoveries. The exhibition
includes early work by Bologna's
famous Carracci family, as well
as less widely known artists
such as Orazlo Samacchinl and
Lorenzo Sabatlni. Ends Aug 31.
Daily

Tate Gallery Richard Hamilton

(b1822): more than 100 works
spanning the career of the
British artist who was one of
the founding creators of Pop
art Ends Sep 6. Also Turner
and Byron: 70 works exploring
Turner’s interest In Byron's
poetry. Ends Sep 20. William
Blake (1757-1827): the apprentice
years. Ends Aug 16. David
Hockney: Seven Paintings. Ends
July 26. Dally

Institute of Contemporary Arts
Mike Kelley: installations by one
of the most important young
American sculptors. Ends July
19. Dally

Royal Academy of Arts Summer
Exhibition: the world's largest
contemporary art exhibition,
drawing together some of the
finest examples of work by living
artists, Including Clemente,
Baselitz, T&pies and Ellsworth
Kelly. Ends Aug 16. Daily
Barbican The Celebrated City:
Treasures from the Collections
of the City of London, including
a rich selection of 17th century
Dutch paintings. Ends July 19.
Daily

Hayward Gallery Magritte.
Advance booking on 071-928
8800. Ends Aug 2. Dally

MADRID

Prado Ribera: a major
retrospective of paintings and
drawings by the early 17th
century Spanish artist who
settled in Italy. Ends Aug 16
Calcogratia Naclonal One
Hundred Years of Finnish
Graphic Art Ends June 28
Centro de Arte Reina Sofia Pop
Art a survey of the 1950s and
1960s movement popularised

by Andy Warhol. Ends Sep 13.
Closed Tues

NEW YORK

Museum of Modem Art Louis
I Kahn: a large-scale
retrospective devoted to the
most important American
architect since Frank Uoyd
Wright Ends Aug 18. Also Antoni
T&pies (b1923): prints and
illustrated books by the
celebrated Catalan artist Ends
Aug 9. Closed Wed
The Drawing Center Guercino:
an exhibition of 60 drawings on
loan from Windsor Castle, one
of the highlights of the
international celebrations of the
artist's 400th anniversary. Ends
Aug 1

Metropolitan Museum of Art

Korean Ceramics from the Ataka
Collection: 114 exquisite works
surveying the full flowering of
Korea's ceramic tradition from
the 10th to 19th centuries. Ends
July 12. Also Andrea Mantegna.
Ends July 12. Royal Art of Benin.
Ends Sep 13. Closed Mon
NICE

Mua&e d'Art'Modeme Dubuffet
100 prints, paintings, sculptures
and drawings, all of which were
given by the artist to the Mus6e
des Arts Decoratifs in Paris in
1967. Ends Aug 30
PARIS

Parc de Bagatelle Henry Moore:
a major outdoor exhibition
consisting of 27 over ilfe-size
bronze sculptures, ranging from
the 1950s to the last great works
of the 198%, placed in the kind
of open-air landscape for which
they were intended. Ends Oct
4 (Bois de Bologne)

GaJerle Dldler Hubert Henry
Moore Intime: 500 works which
formed the artist's home
environment, none previously
seen In public. Ends Ju(y 24.
Closed Sun (19 ave Matignon)

Le Louvre des Antiqualres Les
jardins du Baron Haussmann:
documents, plans and
engravings showing Paris of
the Belle Epoque. Ends Oct 4.
Closed Mon (2 place du Palais
Royal)

Musde Guimet From the Tagus
River to the Chinese Sea:
ceramics, porcelains and gold
brocade bringing back toe magic
of Portuguese commercial links
with the East Indies from 1513
onwards. Ends Aug 31. Closed
Tues (6 place d'ldna)

Louvre The Eye of the
Connoisseur Homage to Philip
Pouncey. An exhibition
commemorating toe Old Master
drawings expert who died in
1990, and Including drawings
by Correggio, Lorenzo Lotto and
others. Ends Sep 7. Closed Tues
Grand Palais The Vikings. Ends
July 12. Closed Tues, late
opening Wed (ave du General
Elsenhower)

Jeu de Paume H6!io Oiticica:
a retrospective devoted to toe
Brazilian artist who died In 1980,
and illustrating his fidelity to
the theme of toe human body
and its relationship to space
and objects. Ends Aug 23.

Closed Mon
ROME

Trajan's Markets Anthony Caro:
38 large-scale works from all
stages of the British sculptor's
career, displayed in toe

remarkable context of Imperial
Roman architecture. Caro’s
great rusted steel frieze inspired
by Greek pediment sculpture,
entitled After Olympia, is placed
at toe heart of toe exhibition In
the main hall of the markets,
while other works, drawn from
an international list of
collections, are spread through
corridors, terraces and
chambers on two levels. Ends
Aug 20
ROTTERDAM
Museum B oymana-van
Beunlngen From Pisanello to
Cdzanne: more than 100
drawings offer a survey of toe
museum's own collection and
of West European
draughtsmanship from 1400 to
1900. Ends July 12. Also J&rg
Immendorff (b1B45): paintings,
many in extremely large formats.
Ends Aug 23. Also work by
young Dutch glass artists and
modern glass from the
museum's own collection.
Herman Lamers (b1954):
large-scale installation. Ends
July 26. Closed Mon
STOCKHOLM
Modems Musset Swedish
classics: works from the period
1900-1945, drawn from the
permanent collection. Ends Oct
4. Closed Mon
Nationalmuseum Louis Jean
Desprez (1743-1804):
topographical views, stage
decorations and architecture
by the French designer who
captivated Sweden's Gustav lit
with his extravagant, fantastic
stage sets. Ends Oct 4, Closed
Mon

FINANCIAL TIMES FRIDAY JUNE 19 1992

FINANCIAL TIMES

Number One Southwark Bridge, London SE1 9HL
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700

Friday June 19 1992

Lloyd’s and

its casualties

THERE ARE two separate issues
to examine when considering
what Lloyd's of London, the insur¬
ance market, should do to cope
with the impact of the losses of
1988-90 on some of its members.

First: was there wrongdoing?
Did Lloyd’s business practices
unfairly penalise innocent new
members, sucking them into syn¬
dicates with a higher than average
chance of encountering heavy
losses? This is the issue that Sir
David Walker, former chairman of
the Securities and Investments
Board, has been examining; his
report is due next month. If Sir
David finds that there were sys¬
temic weaknesses at Lloyd’s
which allowed abuses to take
place, those members affected will
have a strong case for sharing the
burden with their fellows. This is
a moral issue, turning on ques¬
tions of natural justice, equity and
fairness.

The second issue looks similar,
but is in fact different. If there
was no wrongdoing, or if it was
confined to a limited number of
cases, should there nonetheless be
a general sharing of pain within
the market, to ease the plight of
those worst affected by the losses?

Both those who answer yes to
this question and those who
answer no have made great play
with moral issues. Here, though,
the strongest arguments have
always been coldly commercial. A
bail-out was, said its advocates,
the only way of digging Lloyd’s
out from under the blizzard of
legal cases that threatened to
overwhelm It and its reputation. It
was worth every memb er's while
to pay up, to preserve the future
of Lloyd’s and the income it would
generate In years to come.

ing to strengthen the market's
future capacity.

The arithmetic did not add up,
so no bail-out. Instead, brokers
and managing agents are to be
asked to contribute to Lloyd’s
hardship committee, chaired by
Mrs Mary Archer.

Even with extra cash, it cannot
work quickly. Of the 1,185 mem¬
bers who have applied to Mrs
Archer's committee, only 95 have
so far been offered a settlement,
and only 39 have accepted. These
settlements, says Mr Alan Lord,
Lloyd’s outgoing chief executive,
allow distressed Names to keep
their houses till they die, living
“not opulently but quite as well as
many people you would expect to
meet in a small country village”.

Rustic bliss

Commercial reasons
Logically, the question of
wrongdoing precedes the question
of a general bail-out Lloyd's has
chosen to answer the questions in
reverse order. Yesterday, the
Lloyd's council announced that it
has rejected the arguments for a
bail-out Appropriately, it reached
its decision for straightforward
commercial reasons. The losses of
its worst-hit 2^500 Names are so
great that setting aside a fund to
compensate them would have gob¬
bled up too much of Lloyd’s capi¬
tal. And anyway, half those
Names are no longer members;
giving them help would do noth-

The prospect of rustic bliss will
not stop the lawsuits. Lloyd's
council must have known that Its
decision against a bail-out scheme
represents its best judgment of the
balance of commercial advantage,
a judgment it is there to make.

That does not exempt it from
greeting the Walker report, when
It appears, with an appropriate
response. If the report points to
wrongdoing or negligence, Lloyd’s
will find itself urged to compen¬
sate those members affected with
funds drawn from the membership
generally.

It would be wrong for the coun¬
cil, in considering this issue, to
rite the decision against a general
bail-out; instead, the appropriate
precedent is Lloyd’s contribution
out of its members’ funds to the
settlement of lawsuits over the
losses of the Outh waite syndicate.

As well as dealing with the leg¬
acy of past losses, Lloyd's must
turn its attention to the future.
Here, the most urgent need is to
build capital rapidly to maintain
market share ami offset the with¬
drawal of disenchanted Names.
Yesterday’s otter derision - to
create a “stop-loss" fund that will
prevent Names from bring wiped
out in future - will offer some
limited help. But the test hope of
an influx of new funds lies in the
proposal to admit corporate capi¬
tal Lloyd’s now behoves that this
will not require a change in the
law; it is talking of introducing
corporate capital from the begin
ning of 1994. Such a change can¬
not come too soon.

Chips go down
in electronics

THIS HAS been a troubling week
in Europe’s electronics industry. A
surprise profits warning from
Philips of the Netherlands, which
had been recovering from Its
finanrial crisis of two years ago,
was followed yesterday by confir¬
mation that Siemens of Germany
is sharply scaling back its commit¬
ment to memory chips, of which it
is the leading European-owned
producer.

These developments raise fresh
doubts about the prospects for
European-owned companies in a
sector where, despite extensive
government support, they have
struggled to survive. But their
plight needs to be seen in the per¬
spective of recent upheavals,
which have also scarred electron¬
ics producers in the US and Japan.
The problems are more than cycli¬
cal: they stem from structural
changes in the industry.

The worst mistake EC policy-
makers could make would be to
respond by plying Europe’s elec¬
tronics industry with still further
subsidies and trade protection.
Excessive reliance on such
favours contributed largely to
Philips' past difficulties by insulat¬
ing It from commercial realities.
Rather, policy should focus on
removing the remaining harriers
to free competition in Europe.

The most obvious barrier is the
long-standing 14 per cent EC tariff
on semiconductor Imports. This
has failed to encourage a strong
home-grown semiconductor indus¬
try, while piling unnecessary costs
on European chip purchasers.
There is also something badly
wrong with a European market in
which the prices of many com¬
puter and consumer electronics
products remain far above US lev¬
els. The price discrepancy, which
penalises every European informa¬
tion technology user, calls for
thorough investigation by EC
competition authorities.

half-truths and non sequiturs.

Europe is in no danger of being
starved of semiconductors. The
world market is awash with the
devices, and every boom in
demand stimulates costly Invest¬
ments in new capacity. Many are
sited in the EC, where US- and
Japanese-owned chip plants are
proliferating - often generously
assisted by local taxpayers. Fur¬
thermore. actual chip production
accounts for a diminishing share
of the margin and value-added in
the industry, which must increas¬
ingly be sought in the products
and systems that use chips.

Commercial success

Changing dynamics
These distortions have teen
encouraged by myopic European
industrial policies which have
ignored the changing dynamics of
electronics markets. At Its most
absurd, the approach is summed
up in the recent assertion by an
industry lobbyist that “without
semiconductors, Europe has no
industrial future". Rarely has spe¬
cial pleading contained so many

State-of-the-art component tech¬
nology remains an important
driver of innovation in the whole
electronics industry. But its pos¬
session is no longer a guarantee of
commercial success. At the same
time, such success is possible for
firms that exploit the fruits of oth¬
ers’ technological advances.
Speedier technological diffusion
and plummeting hardware prices
have conspired to erode the inno¬
vator’s advantage, turning innova¬
tions rapidly into commodities.

Only by successfully differen¬
tiating final products can compa¬
nies hope to prosper long-term.
That calls for much more empha¬
sis on marketing, a function most
electronics producers have largely
ignored. Even the once-mighty
IBM has been revealed as defi¬
cient: until recently, it did not
even know the true costs of its
sales force. The industry has
much to learn from marketing-
intensive low-technology business¬
es, such as soap and cornflakes.

But productive marketing also
requires a demanding market
Europe’s biggest weakness in elec¬
tronics is a lack of the demand
pull provided in the US and Japan

by well-informed customers hun¬
gry for new and cost-effective
products. The solution is not diri¬
gisme, the migfakfi ec bureau¬
crats are mqking hig h defini¬
tion television (HDTV), by yoking
manufacturers and broadcasters
Into support of probably obsolete
home-grown technology. It can
only be achieved by making mar¬
kets operate more efficiently. That
is a goal worth pursuing for its
own sate- It also offers Europe’s
electronics industry its best
long-term chance of survival.

D espite the decision In
the early hours of
Thursday morning to
abort the interna¬
tional public offering
of shares in GPA Group, Mr Mau¬
rice Foley, deputy chairman and
group chief executive of the air leas¬
ing concern, yesterday put a brave
face on italL The company, he says,
has sold ?lbn of equity privately
over, the past five years and does
not intend to give up its quest for
more. It will simply change its strat¬
egy and opt for something less com¬
plex than a global Issue at the earli¬
est possible opportunity.

Whether it can do so after such a
resounding flop seems qaestionble.
This was not. after all, a large offer
for any of the individual country
markets that GPA had been hoping
to tap with the help of some of the
world’s most impressive investment
hanks and securities houses. Yet it
was dogged, from.the .outset, by
noisy disagreements between.'GPA
and its advisers over- timing and
pricing.

The first setback came in a pri¬
vate telephone conversation
between GPA’s founder and chair
man. Mr Tony Ryan, and Sir David
Scholey, chairman of merchant
banker SG Warburg when Mr Ryan
was looking for a global coordina¬
tor. Yet Sir David, while happy to
form a relationship with GPA,
would not commit himself to a flota¬
tion until Warburg knew the com¬
pany better.

Mr Ryan was disappointed. GPA's
financial adviser, Hambro Magan,
the specialist merchant bank, had
already derided that a flotation was
in its best interest. But since Wat
burg was reluctant to accept that
without looking at GPA for them¬
selves, the two went their separate
ways.

Mr Ryan was even more upset
when Cazenove, Britain's pre-emi¬
nent stockbroker in corporate
finance, against a relation¬

ship with GPA But despite those

Bad timing and nervousness about the
airline industry scuppered GPA’s flotation,

say John Plender and Roland Rudd

The deal that

did not fly

‘The exchange looked
as if it was going to
develop into physical
confrontation. It was
an exhausting end to
the whole process’

Inauspicious initial rebuffs, top
merchant bankers and brokers com¬
peted fiercely to act for the com¬
pany when it invited firms to tender
for the key jobs in the offer. Those
chosen ultimately included Nomura
of Japan as global co-ordinator,
Goldman Sachs, Merrill Lynch and
Salomon Brothers In the US, Schra¬
ders and BZW in the UK, and
Nomura mrf Yamaichi in Japan.

By the end of last year these and
other advisers were gearing them¬
selves up for a flnfaiHqn in the mid¬
dle of 1992. Yet Maurice Foley yes¬
terday confirmed that the buoyancy
of the US stock market earlier this
year prompted one its advisers to
suggest bringing the issue forwards.

Asked whether GPA should have
taken this advice. Instead of
waiting, by which time the US
equity market began to dry up, Mr
Foley said: “This is a fair point You
can never be sure of hypothetical
circumstances. But in the end we
decided to go for a global offering
and not one basically limited to the
US." This meant going later.

Nor was It the only missed oppor¬
tunity. On the basis of political
Intelligence from Nigel (now Lord)
Lawson, a non-executive director,
who correctly predicted a mid-April
UK election, GPA flirted with the

idea of a flotation in late March.or
early April to take advantage of a
still buoyant US market. But In the
end it derided it was test to wait
until the UK election was out of the
way. As one of its advisers yester¬
day suggested, this was the wrong
judgment and turned out to com¬
pound the original error of not
going in January. In the meantime
there were acrimonious arguments
about pricing. When the group’s
advisers decided In February that
the new ordinary shares should be
priced at around $20 to $25, with the
pmphasis on the lower price, GPA
executives immediately insisted on
flying the bankers to the group's
headquarters in Shannon, Ir eland.

Already irritated, Mr Ryan was
reported to be even more angry
when he learned that Goldman
Sachs was proposing to sell the
shares for as Uttle as $17 in order to
be sure of placing $500m (£276m) of
the stock in the US. One adviser to
the group said: “Mr Ryan hit the
roof when he heard that in retro¬
spect I think we should have real¬
ised at that time that the group’s
way of dealing with problems is
best suited to a private company.”

There were to be further rows, of
which the most dramatic took place
in the early hours of yesterday. A
meeting of GPA’s most senior exec¬
utives and advisers at Nomura’s
London offices ended in heated
argument when Mr John Howland
Jackson, Nomura’s director co-or¬
dinating the flotation, told Mr Ryan
that it would have to be pulled.

Mr Ryan asked him to reconsider
and look at other possible options,
such as lowering the price and the
size of the offer. But when the
answer came back as a firm no,
there was an angry exchange
between Mr Ryan and the advisers.
One of GPA’s investment bankers
present said: “The exchange looked
as if it was going to develop into
physical confrontation. It was a ter¬
rible, flThflngting end to the whole
process.” Few of the advisers pres¬
ent had slept much over the previ¬
ous four days and nights.

The ostensible reason for pulling
the flotation was not that the
investment demand was inade¬
quate. Around $500m-worth of
shares were hid for. The problem
was that the bids were hopelessly
unbalanced in terms of geography
and type of investor. Out of 50m
shares for which bids were received,
23m were in Japan alone. Of these,
nearly all were from retail inves¬
tors; institutional Interest was mini¬
mal. The equivalent number in the
UK was 7.5m, while in the US only
6.5m shares were bid for. The rest of
the world put in for 13.3m. The
advisers concluded that to float on
the basis of such an unbalanced
market would not be in GPA's inter¬
est

The rot had set In on Monday, the
day before the deadline for share
applications, when the US equity

for the moment intangible. The fail¬
ure of the flotation deprives GPA of
hard cash in the shape of potential
offer proceeds of around $600ut

The significance is not so much
the risk that borrowing covenants
will now be breached - there is
still a wide margin in hand - as
that GPA will not have the
increased borrowing capacity that it
would have enjoyed as the result or
enlarging its equity base. Thfa is
overwhelmingly important since
one of the biggest question marks
about the company concerns its
ability to finance future purchases
of aircraft. Some $ 12 bn of firm
orders have to be paid for by the
end of the present decade.

The company is now busy empha¬
sising that its future financing was
never dependent on any single
option. It will still aim to raise
money in debt markets; and if Its
credit rating is downgraded, the
result, says Foley, will be to raise
the cost of finance, but not to limit
its volume. Moreover, GPA has
shown considerable skill in packag¬
ing Its aircraft into the form of secu¬
rities which it then sells to invest¬
ment institutions. A deal of this
Mnri completed just before the flota¬
tion will bring in cash proceeds of
between $400m and 8450m. Others
are being contemplated.

GPA. according to one of the
advisers to the issue, is still a good
company. There is no reason, he
adds, to deduce anything about its
value on the basis of a poor market
response at a single print in time.
White few question the impressive¬
ness of its performance in a dismal
period for the air leasing business,
it is nonetheless hard to believe
that the pulling of the public offer
will not be bruising. Or that GPA
will not be asking questions about
the quality of the advice it received.

Having grow n on the back of the
great credit boom of the 1980s GPA
now accounts for 10 per cent of all
new orders from the world’s aircraft
manufacturers. It shoulders a dis-

While few question the
impressiveness of its
performance, it is hard
to believe that the
pulling of the offer will
not be bruising

market was weak at the 'opening.
When it became clear that US inves¬
tors were showing little enthusi¬
asm, interest around the world
started to evaporate. This was just
10 days after GPA had been told by
its advisers that the number of
shares on offer could be increased.

Part of the problem was that US
investors were worried about
depressed conditions in the airline
industry. Despite the feet that GPA
derives only 10 per cent of Its busi¬
ness from the US, “we didn’t", as
Maurice Foley put It, “uncouple
ourselves from that”.

But rumours about the impending
nnllnpga of another US airline did
nothing to help. There was talk in

the markets about GPA's relation¬
ship with America West, which is
under the protection of Chapter 11
bankruptcy. Yet Foley points out
that America West is up to date
with all payments due to GPA
The blow to the morale of GPA
and Its management is palpable and
may bear particularly heavily on Mr
Ryan himself, who has a $35m loan
from a banking associate of Merrill
Lynch secured on shares in GPA
Nobody can now be sure what those
shares are worth. And while Mau¬
rice Foley pointed out yesterday
that the company still has a surplus
of $800m over the book value of its
aircraft which has not been written
into the balance sheet, that value is

proportionate amount of the risk in
the industry on a very slender
equity base. Against that back¬
ground it has worried some institu¬
tional investors that its accounting
policies are not uniformly conserva¬
tive, notably in relation to deprecia¬
tion. And after It sells aircraft to
Investors It is often still at risk
because it guarantees to underwrite
a minim um level of proceeds on any
liiture rale.

That means that GPA can ill
afford to slow down. If it does, it
will be obliged to renegotiate orders,
for new aircraft. The company is
confident that it can handle the
strain if it comes to that, because
the manufacturers have no more
desire to deliver planes which do
not go Into service than GPA has to
take delivery on an unprofitable
basis. But nor are the manufactur¬
ers charitable institutions. They are
entitled to take back part of the
discount granted on GPA’s bulk
purchases in the event of cancella¬
tion.

GPA has demonstrated its resil¬
ience In the past. The question now
is whether it can persuade investors
that such a complex, highly individ¬
ual business is really suitable for
public flotation at any point in the
future.

Joe Rogaly

Major’s privatisation
of personal choice

Forget about the
Labour party. Yes¬
terday’s quarrel¬
some inquest into
its election defeat
doubtless of

is

great Interest to
students of bio-di¬
versity. They may
wish to protect
even the most suicidally-inclined of
endangered species. The rest of us
do bettor to study real events.

One such took place on Tuesday
night, when Mr John Major
addressed the 15th anniversary din¬
ner of the Adam Smith Institute.
The prime minister said next to
nothing new, yet his speech was a
revelation. It turns out that when
he indicated during the April cam-'
paign that he would, as he now puts
it, “privatise choice”, he really
meant it If "privatise choice" puz¬
zles you, hang on a moment All
will be made plain. But first note a
second event of political signifl-.
cance. This occurred on Wednesday.
The protagonist was Mr Norman
Lamont He was addressing a busi¬
ness gathering in Surrey. “In two or
three years,” he. said, "people will :
look back and see that it was now, ’
(hiring this critical period, that the
right decisions were taken.”

Put these speeches together and
you have a clear picture of the
strategy for British domestic policy
over the medium term. The econ¬
omy will he tightly managed. The
discipline of the exchange rate
mechanism remains in place. Thera
was no panicky cut In interest rates
before ihe election; In the chancel¬
lor’s view there is no case for one ■
now. The government’s ambition Is
to halve the inflation rate to 2 per.
cent or 3 per cent and keep it faffing

towards zero. This squares with the
Treasury's attempts to force public
expenditure planning totals for
1993-94 down below the levels
agreed in the pre-election round.

So far, so predictable. Election
bribes are there to be taken back
when yon have won. That estab¬
lished, we can return to “privatising
choice”. Mr Major’s explanation of
this intriguing phrase is that
“where once socialism nationalised
or municipalised personal choice,
taking it away from the individual
end the family, we wifi, give choice
back to them and extend it further”.
This, he told the institute, is “the
greatest and most far-reaching” pri¬
vatisation, and “the one to which I
am most committed”. As I see it,

At home, Major is
selling an improved
version of Thatcher’s
conglomerate, United
Kingdom pic

three consequences follow. The pub¬
lic services will be turned
upside-down. Local government will
be further diminished. And there
will be no extra money to ease this
revolution through.

Take central government first.
The Citizen's Charter is not wel¬
comed by the Civil Service, but No
10 Downing Street is determined to
promote it. it Is holding another
seminar on the subject I assume
that they will be wearing their
lapel-badges. Contracting-out of ser¬
vices, a success in local govern¬
ment, will be attempted in central
departments and agencies. This
must be about as popular with offi¬

cials as a 10-year stretch in Canary
Wharf. The mandarins intensely
dislike open government, but an
attempt will be made to weed
secrecy clauses out of many exist¬
ing laws. Do not hope for too much.
Government self-regulation of what
should and should not be secret is
never to be trusted.

There are few contemporary head¬
lines in all this, but the net effect
could be dramatic. The structure of
Britain’s central administration in
2000 might be unrecognisable to
anyone who last raw it In, say, 1980.
Those who look for local govern¬
ment around millennium-time may
need a magnifying glass. The great
town hall barons of the 1970s, with
their direct labour forces, council-
house fiefdoms, and monopolies
over state education services will
have been swept away. The local
government commission will doubt¬
less reduce the number of local
authorities. Mrs Margaret Thatcher
started the process of rescuing
council tenants from local authority
control; Mr Major is clearly deter¬
mined to complete the Job.

Most strikingly, the education ser¬
vice is being taken away from local¬
ly-elected bodies. This Is apparently
not centralisation. "No bureaucrat
decides whether a school should
apply to become grant-maintained,”
says Mr Major. “It is the governors
and parents.” Yet control over local
governance follows the money to
pay for it; seven-eighths of council
revenue from taxation is now
received in the form of cheques
from Whitehall. When it comes to
sink schools, Mr Major intimated on
Tuesday, control will be direct, "if
the governors or the local authority
are unwilling or unable to put
things right, then we must find

ways to raise standards in them.” -

For the rest, it will be indirect
The universities, polytechnics and
sixth-form colleges already have
their own appointed “funding coun¬
cils”; a similar non-elected interme¬
diary body for the country's 4#M
secondary schools cannot be far
behind. This will surely require a
fresh corps of administrators. Even
Mr Major’s government is wary of
taking on the country’s 24,000 pri¬
mary schools, although it seems to
think that by allowing groups of
them to become self-governing It
can keep the new intermediary
bureaucracy to a minimum.

There is more. “The inspection of
key public services... will be... in¬
dependent of the services they
inspect," said the prime minister.:
Schools are being given a new free-
range inspectorate; social work
departments will likewise be
audited by outriders. Throw in a
couple of new organograms there.
Add just one more for the better
management (with no extra money)
of the police. “There should be a
policeman passing your door regu¬
larly, and not just when the bur¬

glars have cafled." said Mr Major. -

Much of this programme makes
sense. It is also likely to be popular.
Concentrating on individuals and
their needs is the spirit of the age.
It may even be applied to pensions
■ policy. Here the Tory inclination is
to fund-members’ rights of owner¬
ship. to tire funds to which they con¬
tribute. Mr. .Robert Maxwell's thiev¬
ery give a political force to such a
strategy.

Yet something is missing from
the whole picture, and hoe I do not
mean. cash. What is to be the role of
local democracy? Are peopieaiways
to be mere customers, except once
In four or five years at general elec* -
Sons? Mr Major £s : saying that
Whitehall knows , best Local coun¬
cils may merely manage the collec¬
tion of rubbish, town planning, and.
old people's homes. In. Europe he -
bangs the drum for subridfarity. At
home, he is selling an improved ver¬
sion of Mrs Thatcher's conglomer¬
ate, United Kingdom pic. Us board
is packed with Conservative minis¬
ters. Shed no-tears for them. Thjty-
will keep their jobs - as long, as
they please the customers, .

V v

I*-**

. *

-■= •* '.‘r. • ■' 7 ;.

fei tea chi;

%

"'i-.

*

FfrJANCfAL TIME S FRIDAY JUNE 19 1992

g§ Ininas of reform blow in
from a prosperous coast

•$ 0 ;. provinces are hungry for a market economy, but there is

a risk of overheating, writes Alexander NicoU

k est month Mr Y u

I Zhaoyong took a

5 I j group of factory math
• . ■ agets andbusiness-
1aaa Changsha^ capital of
7 >-:-V* Hunan province, to SEwnzheii
v L special economic gone in the

-V..'* of nniwp Their purpose

was to study the zone’s, stock
.- >• exchange, where rocketing
prices are attracting money
!> ^ V“< an d atte ntion from all over the
< country. Changsha wants one

; : too. ...... .. .

_ • Mr Yu views the pronounce-

meats of Mr Deng Xiaoping,
the country’s paramount
: ... leader and" champion of eco-
-- , namic refonn, as Tike a spring

wind blowing all over China".
As director of Hunan’s com
: mission for economic struc-

twral reform, Mr Yu is a chief

- ~ r architect of the development of

' the primarily, agricultural

•“ : -t- inland province. He plans to
■<' attack its. inefficient state-

- r. * ..owned industries and, like his

-^counterparts in many other
. provinces, sees the introduc-

r ■’•‘-■ft tion • of share; ownership as a •
: v-. central element of his strategy.
V-. Structural problems -
; : -i=c including unproductive state
'> 7 .; industries and controlled
prices - still dogChina’s econ-
omy, even though Mr Deng’s

—-,/• “open door" reforms have been

;r . under waty since ism But the
extraordinary growth of the
files ftfv coastal southern provinces is
, ll -‘ well-known to all Chinese.

'■ c ' J l iiSij; Mr Deng’s new drive has
v 4 unleashed a competitive frenzy
1 ^ among provinces and cities

‘‘n^SPv of the south. They are

‘■“V* pushing ahead with ambitious
■■■■■■■a* plans to boost industry, intro-
... luce market reforms and
attract Investment.

■--* “If you cannot make big
strides, you will be left behind
1; ~ by the others,” says Mr Chen
... : Binfan, vicegovarhor of Hunan

~ '■ • province.

' Belling is being deluged with
• applications for special exemp-
' tions similar to those of the
special economic zones, which
:. have seen the fastest growth,
and for approval of plans to set
-. z up stock exchanges and other
markets. It is viewing them
• . v with caution.

While the provinces’ desire'
. ... * to slough off the restraints of

. _ the centrally planned economy
is understandable, it risks
: quickly creating the same
• inflationary pressures that
occurred twice in the 1980s.
Consumer prices were rising at
.nearly 20 per cent a year by
. . 1988, when the government put

’ f the brakes on the economy.

' The increase in 1990 was only 2
per cent, but this year’s is
expected to be 7 per cent.

Professor He JIanzhang,
director of the institute of eco¬
nomics at the Chinese Acad¬
emy of Social Sciences, agrees.
It is difficult to solve, the issue
of overheating now that the
emphasis is on provinces for-

I China^h^reward^o^efomi

muta t in g their own policies."
The tendency to overheat

authorities. Mr Li Guixlan,
governor of the People’s Bank
of China, the central bank, said
in London yesterday that he
had acted to tighten credit
after the economy grew at an
11 per cent annual rate in the
first quarter, with industrial
production growing at 18 per
cent He said this would not
halt the economy's advance,
but that he would fine-tune
monetary pol- ■

£ led s |in *

nomlc growth MVC 560
0^8 to 9 per prfceS, V

Fledgling markets
have seen soaring
prices, volatility,

at constant prices. Last year, it
grew by 27 per cent, with per

cent Growth this year could be
even higher, and provincial
authorities are rewriting the
1991-96 five-year plan to accom¬
modate higher growth targets.

Most of the growth stems
from foreign investment in
joint manufacturing ventures
and is concentrated in the
Pearl River Delta, where the
economy is rapidly integrating
with that of Hong Kong.
_ But even in

markets P“ an e d » n «-

. there remain

Soaring chronic prob-

tlafilifv terns. In spite of

iiaaniy, tte gT0Wth of

The view in overs trained systems the private sec-
Beijing is that violence tor - state-owned

some provinces
wiU have

scale down their expectations.
While coastal provinces such
as .Guangdong can raise, their
already rapid growth rates,
Prof Hie warns: “Some Inland
provinces and remote areas,
because they lack infrastruc¬
ture and transport and energy
resources, cannot indiscrimi¬
nately speed up their economic
development”

It is easy to see why the
south's rapid growth inspires
emulation. During the 1980s,
the value of industrial produc¬
tion in Guangdong, the most
prosperous province, grew by
an average 20 per cent a year

enterprises still
account for 44
per cent of industrial output in
Guangdong, and 30 per rent of
these axe loss-making.

Hie figures for other prov¬
inces are higher. The difficul¬
ties span the spectrum of
industry, from coal, power and
machinery to consumer dura¬
bles. Factories still chum out
unmarketable products.

Central and provincial gov¬
ernments have tried various
means to turn them around,
chiefly “contract responsibil¬
ity”, designed to separate own¬
ership from management.
Enterprises take responsibility
for their finances and may

np a storm in Bonn with his
> new book which fiercely
criticises the quality of the
country’s political leadership.
So who does run Germany
r today?

~L\ One group whose influence
?■: certainly Iras not waned is the
;■ august body of German
economics professors.

Sixty members of this
, fraternity discomfited, the

* government only last week
by si g nin g a petition against
European monetary union.

. Theo Waigel, the finance

minister, staunchly backed
' by the chief economists of the
^ big three German banks, did
r his best to counter the

academics * criticisms. But, If
history is anything to go by,
it seems likely that the
professors’ views will prevail.

£ The last time that the

. economics profession caused
a awflar flurry was In 1969,
when 100 economics professors
signed a public statement
conde mning the government’s
refusal to revalue the
Deutschmark.

The episode was one of the
contributory factors behind
the breakdown of the Grand
Coalition government ted by
Kurt Georg Kiesinger. Five

months teter, the professors
won the day when the Bonn
government - a Social

Democrat administration
under Chancellor Willy Brandt,
Mowing Kiesinger’s
ignominious autumn departure

• - derided the second

f revaluation of the D-Mark
since the war.

Genrum. professors are
teng-ifved animate. So, fcr
conspiracy theorists at least,
it is worth pointing out that
the Mestprofessorial
broadside was supported by

. several who also signed the

■ Why is it that most of us
would “extract” water but the
National Rivers Authority
warns about excessive
“abstraction”?

Of the industry’s several
contradictory explanations,
the one that makes the most
sense is that “extraction 1 * is
permanent while "abstraction”
implies that the water
eventually will be returned
to the river.

Observer suspects that,
unlike the hapless River
parent, this one may run and
run.

All aboard

■ How long should a
non-executive director sit on
the board of a major company?

Sir John Hoskyns, who has
almost finished revamping his
Burton board, says that three
years is “absurdly short” while
five to seven years, is
“optimum". After that there
is a danger that a di recto r loses
his impartiality by getting too
close to the company.

Since Sir John took over the
Barton chair in November 1990
he 1ms behaved like a model
corporate citizen. The

TITri pafigmcui. —

completely overhauled, the
finances have been stabilised
- thanks to test year’s rights
issue - and he has recruited
an impressive array of
non-executive directors.

Yesterday, Whitbread’s Peter
Jarvis, and Caroline Marland,
deputy managing director of
The Guardian, were added to
a list of non-execs which
includes Bats’ Brian Garre way
and John Brown, an did
property hand.

“Beer tent.. beer tent...

Not only is their arrival
anntTiflr si gn that BUTtOD is

over the worst but it means
that whatever else the
company lacks it will not be
short of expert advice. But the
presence of the new faces is
yet another reminder that
Mark Liftman and Ladislas
Rica, the last of the old Burton
non-executive guard, have
long since passed their sell-by
date.

Flight of fancy

« Prudential has long been
r unning commercials on how
Britain's wives long to be free
- and it is easy now to see
why. An NOP survey released
by the Pru yesterday revealed
that only 53 per cent of British
women would stay with their
husbands if they had the
choice of a Continental man
instead.

They viewed Italian men
ss the hottest prospects - U
per cent of the women would
prefer one. The French came
second with 6 per cent, while
Greeks, Spaniards and
Dutchmen tied at two points
lower, Danes, whether or not
boosted by their macho

Still at sea

■The Salvage Association
sounds an appropriate sort
of resting place for those
discarded on the political
scrapheap. So John Butcher,
who produced a crushing
defeat for the Conservatives
when standing against Shirley
Williams in the 1981 Crosby
by-election, and who has jnst
arrived as the Association's
chief accountant, should fit
in well enough.

In fact, the salvage with
which Butcher wOl be
concerned is not personal, but
rather marine in nature - the
organisation being in the
business of banding out
technical advice to the London
insurance market about

marina clajms.

Butcher's connection with
the sea? “I can’t comment on
that, my role is to look after
finance; my colleagues don’t
expect me to know about
safety at sea,” says the Royal
Navy Reserve Volunteer of
ten years'standing.

Feeling better?

■ "AH staff are requested to
ensure that their bodies are
maintained in such a way that
te conducive to a healthier,
wealthier and happier being.
Please remember that
excessive sick leave will be
reflected in September bonuses
and subsequent animal salary
reviews."

NiJeko Copitoi Management
(UK), in its latest memortmdum
to staff.

LETTERS TO THE EDITOR

Number One Southwark Bridge, London SE19HL

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution

plough above-target profits
back into their bos messes.

But who takes responsibility
for losses? China's bankruptcy
law has been tittle used. For
many state enterprises, how¬
ever well run. It is impossible
to make a profit without the
freeing of officially fixed
prices, a process which even
optimists in the government
admit will take many years.

Moreover, each reform trig¬
gers the need for a series of
farther steps. Making indus¬
tries more efficient, for exam¬
ple, Involves making new
arrangements for surplus
workers, who are housed, fed
and cared far by their employ¬
ers. But efforts to create an
alternative social security sys¬
tem are still nascent.

Facing these huge obstacles,
officials all over China have
lighted upon employee share
ownership schemes as one way
to revitalise state Industries.

In Guangdong, eight profit¬
able state-owned companies,
ranging from a huge electronic
fen maker to a manufacturer of
monosodium glutamate, have
been chosen for an experiment
Thirty per cent of each is being
sold to employees for a nomi¬
nal price. In theory the shares
cannot be sold for a year, but
nfffciai« «w»m undist urbed that
employees might sell after only
a month or two and that unof¬
ficial prices are developing.

Officials are attracted by the
Chinese propensity to save.
They reason that if savings

provide investment funds and
help to revitalise industries.
Share-owning employees would
also have a greater incentive to
perform, they believe.

However, Beijing is cautious
about allowing more stock
exchanges. The fledgling mar¬
kets in Shanghai and Shenzhen
have seen soaring prices, vola¬
tility, overstrained systems
and violence, with investors
pouring money in because few
other worthwhile investments
are available. Nevertheless, Mr
Fan Hengshan, senior econo¬
mist in the central govern¬
ment's economic restructuring
commission, says: “We think
that most state enterprises can
be transferred to the share¬
holding system.”

The 300 employees of the .
Changsha Municipal Musical
Instrument Factory would no
doubt agree. Their profits have I
risen 20 per cent a year since
they were allotted shares three i
years ago, and they have been :
earning dividends. The com- ,
pany has expanded from vio- !
fins, gongs and drums into
cooking utensils. ]

The enthusiasm for shares is, I
however, symbolic of the
erratic pace of China’s develop¬
ment The planners risk treat¬
ing share ownership as a pana¬
cea, while continuing to put off
more fundamental reform.

Telecoms in
need of a
different
structure

From Mr/M Harper.

Sir, Your leader “Time to
review the regulators" (June
10 ) was right for telecoms in
many respects, although it
missed one point. The regime
and the work of Oftel undoubt¬
edly need review. Sir Bryan
Carsberg is much respected in
the industry. But could It
really be correct for him as the
new director-general of fair
trading to review his past
actions as director general of

fB|ffw mwnn<witin ptf

ORaTs accountability to par¬
liament certainly needs
strengthening. The House of
Lords does not at present have
a role in these matters. It has a
unique collection of public fig¬
ures with experience between
them both of r unning and of
overseeing the big utilities.
They could play a valuable
part in improved machinery of
oversight

But this will not be enough.
Telecoms has a special prob¬
lem. Unlike that of electricity,
BTs structure was left unal¬
tered at privatisation. It is
so big that It overshadows
its competition; and as a
private sector near-monopoly
it presents government with
even greater difficulties of
oversight than its public sector

Costs that influence central
banks’ mood for Maastricht

This is the heart of the mat¬
ter. Last July you advocated
change in structure for tele¬
coms. You were right
J M Harper,

11 LuMrigton Close,

Seaford, East Sussex BN25 4JH

From Mr Robert Pringle.

Sir, There is evidence to sup¬
port Observer’s suspicion
(“Banker’s cutback”, June 17)
that some EC central banks are
"expensive"; or at least that
their running costs vary
widely. Using from
reports and information sup¬
plied by the central banks,
Central Banking puts the oper¬
ating expenses of five EC
banks in 1990 as follows: Bund¬
esbank DM2bn (JL35bn); Bank

Alternative
view of
Mexico

From Mr Christopher Whalen,

Sir, Edward Mortimer's
article (Foreign Affairs, June
10) about Mexico contains use¬
ful insights, but shows how
journalists are frequently
charmed by attractively
adorned dictators.

The National Solidarity Pro¬
gram did not spring from Safi¬
nas’ work at Harvard, but out
Of political necessity. The job
of stealing an election, for
example, is made easier if only
a quarter or even half the pre¬
cincts require rigging. In con¬
trast to massive, pre-election
social spending programmes of
the 1960s and 1970s, Pnmasal is
a rifle-shot approach to acquir¬
ing political support, but one
with neither transparency nor
public accountability for the
sources and uses of funds
spent

The PRT uses Solidarity to
faunal hundreds of millions nf

of Italy LUlo bn ($L34tm);
Bank of France FFr6.52bn
($l_ 28 bn); Bank of England
£X70rn (J294m); Netherlands
Bank FI 227m (fi20m). Where
possible these figures exclude
the cost of printing h ank notes.

There are obviously histori¬
cal reasons for these varia¬
tions: staff numbers vary
widely, from over 16 J 100 In the
case of the Bundesbank and
Bank of France to U 600 In the
Netherlands Bank, as do the

dollars into public works pro¬
jects in opposition strongholds,
buying votes from otherwise
recalcitrant citizens. Mortimer
paints an image of Mexicans
t hanki ng El Presidents for his
generosity, a surreal scene
reminiscent of feudal

Mortimer rightly observes
there is no effective political
opposition In Mexico (at the
moment, at least). But he fells
to note that the vast political
and financial advantages made
possible by Washington’s sup¬
port, and the related access to
foreign credit, make discussion
of effective political opposition
to single party PRI rule an
absurdity.

Mortimer criticises the lim¬
ited role played by the press,

I but might rather have said
i that honest Mexican journal¬
ists live with very real danger.
Indeed, consider the privileged
foreign journalists: First, the
visiting scribe, like Mortimer,
attends a carefully orches¬
trated political rally and rides
comfortably in the presidential
jet The result a filtered, pas¬
teurised look at Mexico,
though thankfully Mortimer

functions performed by the
banks. Nevertheless, central
bankers are well aware that
their costs will come under
closer scrutiny as they travel
down the road to Emu, which
is one reason why some of
them are less than enthusiastic
about the Maastricht Treaty.
Robert Pringle,
editor,

Central Banking,

53 Claranood Court,

Cranford Street, London Wl

does mention the violent
deaths of journalists.

Then there are the local cor¬
respondents, the insiders, who
know the realities and players
in Mexico City very well
indeed, but decline to write
about difficult subjects like
fraudulent elections, trade defi¬
cits, drugs, or corruption
within the privatisation pro¬
cess, for fear of being excluded
from the next drinks party In
fashionable Poianco.

Dictatorships like China,
Mexico and Kuwait will disap¬
pear only when journalists
stop treating them with undue
reverence. If we could but
pierce the carefully wiaintain«i
feqade of SaHnastroika with
well chosen words, Mexico’s
people might feel our moral
support, as did the peoples of
eastern Europe, and thereby
discover the will necessary to
create a truly viable democ¬
racy. Viva Zapata!

Christopher Whalen,
editor.

The Mexico Report,

1717 K Street NW,

Suite 700,

Washington DC 20006

More academic specialists needed for antiques fair vetting

From Mr A Kenneth Snowman,

Sir, I also was saddened by
the headline “United front fells
apart” (June 13) on an other¬
wise completely just report
from Susan Moore - the fair
at Grosvenor House is doing
well, looks very good and is
certainly not felling apart.

The president and members
of the executive of the Gros¬
venor House Antiques Fair
(Letters, June IS) are well
aware of my own feelings

about the appeal which
reversed the earlier ludicrous
rejection by the vetting com¬
mittee since I wrote to them on
June 14 as follows: “As we
knew would be the case, you
conducted our appeal in the
matter of the Burgundian
Jewel in an entirely exemplary
way and this was in the brat
tradition of the association.”

That, however, is not what ft
is all about What 1 and my
colleagues were not pleased

about was the wholesale rejec¬
tion this year of - again I
quote - “so many perfectly
good objects from our stand
(dramatically more than ever
before In our long experience)
many of which had been exhib¬
ited during previous years.. .1
feel it is essential that many
more academic and disinter¬
ested specialists be brought in
as we have been suggesting by
letter for the last three years”.

I am happy to say that this

policy is now being pursued
and I hope, as a former presi¬
dent of both the British
Antique Dealers’ Association
and The Antique Dealers' Fair,
that ft gains momentum, and
that the judgment of the vet¬
ting committees will in the
future be beyond reproach for
the benefit of everyone.

A Kenneth Snowman,
chairman,

Wartsfd,

14 Grafton Street, London Wl

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No shortage of advice for a Dublin voter as Ireland went to the polls for a referendum on the Maastricht treaty yesterday

Referendum will decide future of European political and monetary union

Irish vote on Maastricht treaty

By Tim Caone In Dublin

THE FUTURE of the Maastricht
treaty on European union could
be clearer today after the results
of the Irish Republic’s referen¬
dum on the treaty are announced
around midday.

If the referendum produces a
“yes” majority, however slim,
that the treaty lives on, at least
for a while. But if the Irish follow
the Danes In rejecting Maastricht
even by a few thousand votes,
toe pact for political and mone¬
tary union win die, at least in its
present form.

Good weather and a religious
holiday yesterday appear to have
favoured a better than average

turnout of voters. An estimated
5065 per cent of the 26m voters
were thought to have gone to the
polls, though that would foil well
short of the record 71 per cent
turnout in 1072 when Ireland
voted overwhelmingly to join the
EC.

A steady flow of voters
appeared at polling stations dur¬
ing the morning, many. of them
coming straight from Mass.
There was a 44 percent turnout
in the last referendum in 1987,
winch was called to ratify the
Single European Act and which
was passed by a 7030 margin.

It is thought that a high turn¬
out will favour a “yes” vote.
Opinion polls have predicted a

two-to-one majority in favour, ■
although the M gh level of unde¬
cided voters on the eve of polling
day added a strong element oE
uncertainty to predictions over
the likely outcome.

Fears of a possible last-minute
move by the Catholic Church to
recommend a “no” vote flam the
pulpit appear to have been

unfounded.

The government made a final
push to persuade voters in favour
of the treaty. The entire cabinet
and senior officials from the rut
ing Flanna foil party were out
canvassing at polling stations
around the country.

However, leaders of the..
National Platform, which has

been campaigning for a “no”
vote, claimed the main political
parties were unable to mobilise
their rank-and-file.

A “no” vote would not only UH
the Maastricht Treaty In its pres¬
ent form, hot it could also bring
into question the political future
of Mr Albert Reynolds, the Irish
prime minis ter. He has cam¬
paigned vociferously for a “yes”.
vote, but has also faced intense
criticism from his allies for what
has generally been perceived as a
lacklustre and badly organised
campaign by the government and
Flanna Fail party in favour of the
Treaty.

Irish mist descends, Page 2

Defers fears ‘stagnation and crisis’

By Ian Davidson In Paris

THERE will be “stagnation and
crisis” if the Maastricht treaty on
European union la not ratified,
Mr Jacques Defers, president of
the European Commission,
warned yesterday.

He predicted the Community
would then turn into a free trade
area. “At the smallest confronta¬
tion between member states,
there would be a new crisis, until
in the end the free trade area
itself would disappear," he said
In an interview with Figaro
newspaper.

Asked about the implications if
the treaty were to be defeated in
the French referendum, Mr
Defers said: “There would be a
general panic, because France
has made its mark on the con¬

struction of Europe ever since
the beginning. And as for as I am
concerned, the dream would have
been shattered.”

Mr Defers acknowledged that
he and the Commission had both
come in for criticism. “I am con¬
tested, that is true, but so much
the better,” he said. “It proves
that I am not an antiseptic and
immovable bureaucrat behind his
desk,” he said.

But he parried the im p lica ti on
that the Commission was to
blame for the current crisis in
the Community. “The Commis¬
sion is under scrutiny, but it is
not alone; there is also the coun¬
cil of ministers, the European
parliament and the national gov¬
ernments."

The main threat facing the
Community, he s a id, was the fee¬

ble quality of democracy in the
member states. The Maastricht
treaty was intended to provide a
remedy for some of the demo¬
cratic deficiency in the Comma-
nity, with a stronger role for the
European Parliament “As for the
rest of the democratic d e fi cit," he
said, “that is the internal affair of
each member state”

• A narrow majority among the
17 European commissioners has
come out in favour of letting a
small number of European Free
Trade Association countries into
the Community, without any fur¬
ther institutional changes beyond
those already contained in the
Maastricht treaty, writes David
Buchan in Brussels.

This view, emerging from a
confidential Commission discus¬
sion on Wednesday, will he

relayed to tomorrow’s meeting of
EC foreign ministers, called to
prepare next week's Lisbon sum¬
mit where fhture enlargement of
the Community will be discussed.

The surge in anti-Maastricht
opinion has changed the Commis¬
sion's prevailing sentiment,
which had been that changes
such as more majority voting -
beyond that enshrined In the
Maastricht pact - would be
needed for a more numerous
Community to function. The pre¬
dominant Brussels view is now
that for three or fburEfta states
to join the EC in the 1990s, would
require only technical adjust¬
ment to the number of commis¬
sioners and MKPs.

Major’s determination. Page 6

Chinese central bank tightens
credit to slow economic growth

Maxwell’s
sons charged

Continued from Page 1

By Alexander Nlcoll,
Asia Editor, In London

CHINA’S central bank has acted
to tighten credit in an attempt to
prevent the economy from over¬
heating as a result of rapid
growth, its governor said yester¬
day.

Mr LI Guixian, governor of the
People's Bank of China, said dur¬
ing a visit to London that the
economy had been growing at an
annual rate of 11 per cent during
the first quarter of 1992.

Industrial production in China
was up by 18 per cent, and
imports rose by 23.5 per cent,
while exports were up only by
126 per cent

The People’s Bank has imposed
special reserve requirements on
banks - increasing the propor¬
tion of their deposits which they
must lodge with the central bank
- and tightened credit ceilings.

Mr Li said it was considering
Increasing interest rates, but
would not make a final decision
for two or three months.

China's economy has gone
though a series of boom-bust
cycles in the past decade. The
most recent retrenchment was
relaxed last year, and economic
growth was boosted in January
when Mr Deng Xiaoping, the
country's paramount leader,
exhorted the nation to undertake
more radical reform.

Asked if the latest measures
would cause another drop in eco¬
nomic growth, Mr Id said: “1 do
not think that we will have
another similar slump as in ear¬
lier years because we have
teamed from experience. Now we
are mainly relying on monetary
policy to maintain GNP growth
at 8 to 9 per cent”

His actions may indicate offi¬
cial fears that inflation is run¬
ning at a higher level than fig¬
ures suggest. First quarter
statistics show inflation of 5 per
cent, compared with last year’s 3
per cent However, economists
believe that in some areas infla¬
tion is significantly above the
official figure.

Mr Li said he would take mea¬
sures to tighten credit if inflation
was above 10 per cent, and to
loosen it if Inflation fell below 5
per cent

“I am very confident that infla¬
tion this year will be under con¬
trol at 6 to 7 per emit because our
monetary policy is effective," he
sakL

The government was continu¬
ing with reforms of banks and
state-owned industries, Mr Li
said, such that loans would be
made only to profitable enter¬
prises making marketable, high
quality products.

However, he admitted.that the
bankruptcy law had not been
applied because there was no
social security system to cope
with unemployment

“No effort is being spared to
improve the social security sys¬
tem,” Mr U said. “Once it has
been fully established, the.bank¬
ruptcy law will be fully and
strictly implemented.”

Winds of reform. Page 15

start for at least two years.

Mr Kevin Maxwell was bailed
on sureties of £500,000, Mr Ian
Maxwell on sureties erf £250,000
and Mr Trachtenberg on sureties
of £300,000. Sureties were pro¬
vided by friends and family. All
three were ordered to surrender
their passports, not to leave the
UK and to live at home.

After the hearing Mr Kevin
Maxwell said:

“After seven months of trial by
rumour, of trial by innuendo, of
trial by selective press leaks and
of prejudicial media reporting; I
am really looking forward to
bang able to defend myself in a
court of law where I intend to
vigorously and strenuously con¬
test all... charges against me."

The arrest of Mr Kevin Max¬
well began in something dose to
force. His wife Pandora mistook
police for reporters, and shouted
to the officers: “Piss off - we
don’t get up for another hour."
When officers rang the bell again
she called out: “T_m about to call
the police." They replied: “We are
the police, madam.”

THE LEX COLUMN

Grounded at GPA

0?

Yesterday’s spectacular GPA flop
should not necessarily add to the Lon¬
don market’s current woes. It is natu¬
rally unsettling when a much hyped
Slim share offer - recently increased
to accommodate supposed extra inter¬
national demand - is unexpectedly
pulled at the eleventh hour. Yet there
is good reason to believe that the ulti¬
mate lack of Investor interest was due
to specific handicaps of the company,
rather than to deeper disenchantment
with flotations at this stage In the
cycle. Wellcome for one wifi certainly
hope so.

GPA always faced an uphill struggle
given the dire-state of the airline
industry, intense price competition in
the US, and persistent rumours of
more airline bankruptcies. The combi¬
nation of its indebtedness ami huge
aircraft purchase commitments fed
many to suspect they were being
asked to contribute to a rescue issue,
while even sophisticated institutions
had trouble graq^ng the intricacies of
the aWfaft Uwairig business. With GPA
faniring a dear home market, there
were no oompelliiig reasons to sub¬
scribe given the risks.

One inevitable question for GPA’s
galaxy of advisers is whether it was a.
mistake to use the-book bufiifixig sys¬
tem much f avou r ed in tire US, rather
than to have the issue properly under¬
written fin which case at least the
company would have got its money).
The reality is that there was probably
no alternative - all indications are
that the institutions would have been
reluctant to sub-underwrite, and that
the costs of using other intermediaries
would have been unacceptably high.
The real culprit;seems to have been
the Inflexible structure of the global
offering. Far from inspiring creative
tension between, the three main mar¬
kets, it allowed lack of interest in one
to spread to the others. No single .
financial centre was able to anchor the
issue.

Egg has been liberally splattered
across City faces: Nomura’s interna¬
tional ambitions have been dented;
Schroders can hardly be proud of
belatedly wooing the retail investor;
And Goldmans will have some explain¬
ing to do about the disastrous
response in the US, where expecta¬
tions look to have been for too high.
For GPA, however, the problem is
more than just a tarnished reputation.
The company has not only been
denied the proceeds of the float, but
perhaps another $2bn-$3bn of bank
borrowings to which it would have
had access with an enlarged capital

FT-SE Index: 2562.7 (-35.7)

nestly of the need for adequate return
on capital and. institutions are restive
for higher payouts. But, as one of
Japan's biggest fund managers
remarked yesterday, if the corporate
sector's return on equity is only w
per cent a nd the medium-term outlook
for dividend growth is 5-6 per cent as
well, who would want to buy the mar¬
ket on nearly 40 times ear n i n gs?

t-y\

base. With net debt likely cm current
cash flow forecasts to exceed commit¬
ted fodlities by the end of. the year,
fervent efforts will presumably be
made to securitise more of its. assets.
Ultimately, though, GPA may hope to
find a partner with deep pockets as
ILFC did when it was taken over in
1990 by the American insurer AIG.
The question is whether there are any
htiwin tha«» days.

Japan

The latest slump In the Tokyo
equity market is viewed locally with a
kind of gloomy fatalism. Traditionally,
the story goes, it has been the job of
foreign investors, with their more
rational valuation methods, to call the
bottom of the market. Last year they
did just that But domestic investors
foiled to follow the lead, so the for
signers have lost heart and there are
thus no buyers left at alL

The more apocalyptic talk about col¬
lapsing bank capital ratios leading to a
credit crunch has largely died down.
However for the Nikkei foils, the sys¬
tem will doubtless limp along. But
there Is still profound gloom about
corporate earnings. It is in the nature
of the Japanese economy that recov¬
ery should be led by producers - or
gnro rmnftnt . — f arther than consumers.
When It comes to investing out of
recession, Japanese companies are
hampered not only by the higher cost
of capital but by their prodigal over-in¬
vestment in the bubble years of the
late 1980s. At that time, companies
bought market share regardless of
profit and Investors bought stock for
capital gain regardless of income.
Now, corporate executives talk ear-

Sevem Trent

Yesterday’s annual results leave no
doubt Severn Trent paid too much for
Biffa, the waste management company
it bought from BET after the start of
the flwanriai year. Thanks to the
recession, Biffa contributed a disap¬
pointing an wi, against financing costs
of more than Barring a vigorous
ywanmifl recovery,.it will make only
around £15m this year. So it is still a
fewg way from carering its costs.

Granted, Severn Trent has been sen¬
sibly cautious In accounting for the
acquisition. Biffo's landfill business in
particular looks to hare fine scope for
growth By middecade, the division
should be making the steady unregu¬
lated flaming fl for which it was pur¬
chased. The question is whether it will
be worth the wait Severn’s annual
dividend was increased by 10 per cent,
thanks in part to £46m of efficiency
gains, but the company's earnings will
be nnder pressure this year as a com¬
bination of interest and depredation
charges begins to bite.

Small wonder, then, that the com- !
pany is stressing Its record in the reg
ulated water business. The group
invested nearly £600m last year, and
claims the lowest average water
charges in the country, even though
its franchise covers a relatively dry
region. Its capital spending pro¬
gramme has already peaked. Severn
Trent can keep its dividend running
ahead by sacrificing high cover, but
that, is hardly ah inspiring outlook.

- : l ? “

-fccw

S 3*®* 5

0

' v

-• ,a £i --

^fjiSsefueilest

TV companies

Yesterday’s agreed offer by York¬
shire for Tyne Tees comes as little
surprise. After all, both companies
paid through the nose for their TV
franchises last autumn, and desper¬
ately need cost savings to enhance
shareholder returns. The comparison
with Granada, with an annual pay¬
ment obligation to the Exchequer of
around £27m, is Instructive. Across
the Fennihee, with a broadly similar
share of 1TV advertising revenue, the -
merged moguls will need to find £63 hl

strskers mai

SlSemi expec

Net Profit tlu-ough Networking
u-ith:

® NEWBRiDGE

Building Ru.<,inesfl Networks
•Newbridge Networks Ud.

O633 -113600 071 6380022

FINANCIAL TIMES

COMPANIES & MA RKETS

©THE FINANCIAL TIMES LIMITED IW2

Friday June 19 1992

TAYLOR

WOODROW

Teamwork in Construction
Housing Property Trading

INSIDE

O&Y outlines plan

to restructure debt

Olympia & York yesterday outlined a new debt-
restructurjng proposal which would include
extending repayments on most of its debt tor
five years. Meanwhile, a group of Canadian
banks applied to the Ontario court of Justice to
terminate interest rate swaps with O&Y The
banks say the value of the swaps is declining
as interest rates fall. Page 20 a

Manweb profits up 60 . 5 %

Manweb, the. Chester-based regional electricity
TOmpany, ywterday reported a pre-tax profit of
E94 -*’ n } (5176.6m) for the year to March 1992,
up 60.5 per cent The company's core dfstribu-
tton business increased its profit by 83 per cent
to £106.3m. Page 23

Meat-eaters chew up Cranks

A management buy-out, led by two meat-eat¬
ers, has bought eight restaurant/takeaway out¬
lets and the brand name of tbe Cranks
vegetarian restaurant chain. Cranks will be to
many forever tarred with a flippy image, but
the driving forces behind the buy-out hope to
naif those prejudices; Page 24

Nutmegs face the chop

The world's two largest nutmeg producers are
contemplating the destruction of about 10,000
tonnes of stocks to stiffen the market and
improve prices. Page 32

May is the crueHest month

May was a volatile month for turnover-in Euro¬
pean stock exchanges. Italy-had periods of
excitement, but the Danish “No" vote to the EC
Maastricht treaty brought fear back into the.
Milan bourse at the beginning of June.

Back Page

Japan’s brokers maintain hope

Japan's four mato brokers reported generally
lower profits from- their overseas operations
last year. While Nomura Securities was the :
only one of the quartet to report a consolidated
after-tax profit test year, ah four brokers expect
to return to profits this' year. Page 21

National Semi expects upturn.

National Semiconductor, the.US chipmaker
undergoing restructuring, yesterday reported
fourth quarter net earnings erf 527.5m up from
$5.6m a year ago. It expected economic trends
to improve slightly In the coming year. Page 20

Shifts in steel industry .

A new phase of restructuring in the world
stainless steel industry is shifting the spotlight
away from foreign takeovers in the US to the
forging of alliances In Europe. Page 19
Meanwhile, the second part of the partial priva¬
tisation of Taiwan's biggest steel group gets
under way this month. Page 21

Maricert Statistics

Base lending rates 40

Benchmark flovt tends 22
FT-A Indices 38

FT-A vwrid indfces Back Page
FT/ISMA tat tend sw 22
Franck! Maras U

Foreion exchanges 40

London recant Issues 22
London share sendee 33-38

LHfe equity option! 22

London trarlt options 22

Managed text sendee 35-43

Money markets 48

New tat tend issues 22

World comnxxBy prices 32

World stack rakt tadees 41

UK dividends announced 23

Companies in this issue

AMD 17

Ashland 011 20

Avesta 19

BTR 24

8aneato ' IT

Bibby (J) . 23

Brent Walker 23.12.19
British Aerospace 33

British Steel 19

Brbckhampton Hldgs 24
China Steel.. 21

Chloride 23

Chrysler 20

Davenport Vernon 23

Dawson Inti 24

Delta .24

Elect ricorp 21

Essex Water 24

FKI 23

Ford 20

Foschlni- 20

GEI Inti 23

General Motors 20

Hachette . 17

IBM 17

Id 33

Intel 17

KIO 17

Ladbroke 33

Learmonth & Burchett 24
Lever Brothers 12

London Inti Group 24

Lookers 23

MR Furniture 23

Manweb 23

Nat'l Semiconductor 20

O&Y 20

Oceana Investment 24

Richmond Oil and Gas 24
Rolls-Royce 33

Severn Trent 24

Shanks & McHwan 23

Siemens

Sparbanken 19

Stel 19

Stirling Group 23

Suffolk Water 24

Telmex 20

Tyne Tees TV ^

Unichips

Widney 23

Wool worth 30

Yorkshire TV 19

I Chief price changes yesterday |[

HEW YORK tf)

oavm 11M

Apple 49+11* a FancFnnca B69

BH 95% + 31* Bata m 680

hU 51* + 3*2 ftw Lqwdta 615

CBM-- RatMttC** v* 3

,*3E"** - „

JUSnack Foods _ ^ nfila®" 3 1070

SUOdttand 36% - 1%

PARIS fFFr)

Santa Bank 1080
Sdno Transport 1500

760 - 17 77 Bank

Frankfort closed. N«w Yoik prices si l 2 J 0 pm.

LONDON (Pence?

Ptemec . ‘ 84 * *

TjWTamW VS +■ #

.Rah .

AspanCaws . 14S - 10

W . . ,318 - 17

B4bjf (J) ; : 154 — B

BrAenpace 277

FaUmBorts T92

Rrskat'fia. - 42
24

NwtecwGM -126

Mann 1

|Q 1235

lasre 109

LeanomtaS fl 83
LondM tall 210

looker 107

Prates hU 382

Paw 15 '

RHH 21°

MfrRffW 161

Peter Bruce on the banker who became a media

magnate after a board-room coup in Madrid

Mario Conde walks
through fire again

M ario Conde has just likes him, not least because the Antena-3, the least successful o
infuriated Madrid's media has decided he may three commercial channel:
close-knit financial become Spain’s first democrat!- licensed in 1969. needs to radi

M ario Conde has just
Infuriated Madrid's
close-knit financial
community with yet another
example of his ability to walk
through fire.

On Wednesday the 42-year-old
chairman of Banes to. one of
Spain’s biggest banks, became a
media magnate when he engi¬
neered the takeover of a televi¬
sion channel and a daily newspa¬
per. Antena-3 TV was taken over
in a swift. Banesto-fmanced
5100m move by Mr Conde, Mr
Rupert Murdoch the Australian-
born publisher, and a Madrid
publisher friend, Mr Antonio
Asensio.

Mr Conde has learned quickly
to do his business the way most
of Spain does - with his friends.
He first bounded on to the finan¬
cial stage in 1987 when he and a
friend sold their bulk chemicals
producer to Montedison for
Pta65bn (5660m). With the pro¬
ceeds they bought their way on
to the Banesto board just as the
bank was being threatened with
a takeover and Banesto’s rattled
board made him president within
days of his arrival.

Since January 1968, Mr Conde
has become easily the most con¬
troversial personality in Spain,

malring enemies as easily as he

holds on to his friends. He rudely
cleared Banesto’s board of its
venerable old shareholders and
set himself the almost Impossible
task of untangling the bank from
the cross-holdings that linked it
to a vast industrial empire.

The government openly dis-

Hachette
loath to

merger

approved

By Alice Rawsthom In Paris

HACHETTE, the heavily in¬
debted French media group,
yesterday secured shareholders’
consent for a FFriUJbn (5530m)
recapitalisation package as a
precursor to its proposed merger
with Matra, one of France’s
largest defence companies.

Mr Jean-Luc Lagarddre,
chairman of both Matra and
Hachette, said that the latter was
on course for a return to modest
net profits this year - having
sustained a FFrl.93bn loss in
1991 bat was s till

experiencing pressure on
operating margins.

Hachette, he said, was also
under pressure because of the
cost of servicing its debt

The group incurred heavy
borrowings to finance an
ambitious expansion programme
in the late 1980s and is now
trying to make disposals.

Mr Lagardere said he expected
within weeks to announce the
sale of Hachette's landmark
building on Boulevard St
Germain in Paris for around
FFT&OOm.

For several months Hachette,
which is still trying to recover
from the collapse earlier this
year of La Cinq, the French TV
station, has been locked in
negotiations with its share¬
holders and bankers over its
proposed recapitalisation.

It has now secured their
consent to implement its
proposals which include Issuing
FFrSOGm of new ordinary shares
and FFr600m of convertible
bonds.

Mr Lagardere said the
recapitalisation should be
Completed by the end of this year
or early next year and that
Hachette would then proceed
with the Matra merger.

This merger, which Mr
Lagardere claims will yield
considerable cost benefits, has
been fiercely criticised In France
because of the apparent lack of
synergy between the two
companies.

Last, year, Hachette was
affected by the impact of the
economic slowdown on Its media
businesses, particularly in the
US, as well as by fire La Cinq
debacle.

Mr Lagard&re said its markets
were “still in a recessionary
phase” and that the group might
suffer another fell in operating
margins In 1992..

However, he said there were
signs of recovery in the US
where Grolier, the encyclopedia
group, ought to increase profits
while Salvat. the Spanish
publisher, should reduce its
losses.

likes him, not least because the
media has decided he may
become Spain’s first democrati¬
cally elected conservative prime
minister if Mr Felipe Gonzalez
ever decides to retire.

Mr Gonzalez criticises him in
public. The Finance Ministry
stopped him selling Banesto’s
insurance subsidiary offshore
and, when he finally separated
Banesto’s industries from the

He is the most
controversial
personality
in Spain

bank and merged them into an
industrial corporation, it allowed
him only a fraction of the tax
waiver permitted by the law on
revalued assets. The Bank of
Spain last year threatened to
challenge Banesto’s accounts for
not passing portfolio losses
through profits, but backed off.

Earlier this month he stoked
those fires by calling for a refer¬
endum on the Maastricht Treaty,
to the ftiry of the government,
and last month he was attacked
at a shareholder’s meeting by BP,
which claimed he had reneged on
a deal to buy back Banesto
shares owned by an oil refiner be
sold in 199L

Antena-3 TV may be his best
means of defending himself from
public attack. But to be effective.

Antena-3, the least successful of
three commercial channels
licensed in 1969, needs to radi¬
cally improve its ratings. To do
that, Mr Murdoch’s experience
and his US and UK programming
will be vital.

However, anyone trying to
remove Mr Conde from Banesto
risks causing great damage to the
institution at the same time. And
the Banesto group is troubled.
After creating his industrial cor¬
poration, he had wanted to Boat
some of it for around 5800m. The
invasion of Kuwait collapsed the
markets, saddling him with
industries accounting for 1 per
cent of Spanish gross domestic
product in an economy the gov¬
ernment was trying to cool down.

It has succeeded, and so Ban-
esto's industrial profits plum¬
meted 48 per cent to Ptal2.6bn
last year. Unable to float the cor
poration, he is selling it piece¬
meal - Petromed to BP last year,
the insurer Union y Fenix into a
joint venture with. AGF. Indus¬
trial affiliates’ profits fell 78 per
cent on average in 1991. As a
result consolidated (bank and
Industrial) profits fell 7.3 per cent
to PtaJ&Sbn in 1991. For the right
prirw, all the companies are for
sale.

At the hank itself, he has man¬
aged to sustain asset growth
through extremely aggressive
lending. Las t year Banesto’s lend -
ing grew SO per cent faster than
the banking sector. This might
backfire as bad debts rise to
record levels and the investors
have cut Banesto's stock market

TamrKM;

Mario Conde: the Spanish government openly dislikes him

capitalisation by 30 per cent to
around $270bn.

But, says Mr Joaquin Tamames
of the corporate analysts Axel
Group, the banking business is
coming good. “Over the last three
years consolidated operating
profits have increased remark¬
ably and the bank Is containing
costs.” Banesto bank profits rose
14 per cent last year to Pta45.6bn
and consolidated group fee
income from banking services
rose some 70 per cent to Pta54bn.

Mr Conde is, nevertheless, con¬
stantly on a knife edge and he.
deals with It by running at trou¬
ble rather than away from it.
Three months ago he signed a
deal with the Count of Godo, the
founder of Antena-3 TV, to take
stakes in the television channel

and Mr Godo’s rich newspaper.
La Vanguardia, in Barcelona.
Criticised by the government and
journalists, Mr Godo hastily pul¬
led out of the deal.

On Wednesday he learned a lit¬
tle about crossing Mr Conde and
was toppled from his presidency
of Antena-3. One of the next
chapters in this great adventure
might be a government-inspired
attempt to find someone to take
over Banesto.

The stock is cheap with the
shares yielding about 20 per cent
more than the banking average,
but local buyers are thin on the
ground and Mr Conde knows the
last thing Madrid wants is
another foreigner swallowing a
large slice of the nation's econ¬
omy.

Siemens pulls out of IBM deal

European memory production may end, writes Michlyo Nakamoto

SIEMENS, the German elect¬
ronics group, is reducing its par¬
ticipation in the semiconductor
memory market in a move that
could mean the end of European
memory production.

Siemens has decided not to
build a new manufacturing plant
for advanced semiconductor
memory chips which it has been
developing with. IBM. the US
computer group, in an agreement
made a year ago.

“We are not going to build a
64-megabit D-Ram facility with
IBM,” a Siemens representative
said. “The intention is that we
will not he a major player in the
D-Ram market after the 16-mega¬
bit”

Meanwhile, IBM said yesterday
that it was looking for a partner
to collaborate in the manufacture
of 64-megahit B-Rams in Europe.

“At present we continue to
plan tor 64-megabit m a nuf acture
in Germany. We are looking for
new partners within the time¬
frame of roughly one year,” IBM
said.

The decision by Siemens does

not mean it will pull out of the
memory market immediately. It
still manufactures l-megabit,
4-megabit D-Rams and is collabo¬
rating with IBM in 16-megabit
production.

However, it does mean when
those products are replaced in
the latter half of the decade by
future generation products, Sie¬
mens is not likely to be a partici¬
pant in the D-Ram market

Its decision stems from its view
that longer-term demand for
D-Rams will decline, and since
intense competition has led to
sharp price and many manu¬
facturers of D-Rams are losing
money. It does not make sense to
continue to invest in that prod¬
uct

The worldwide market for
D-Rams has been depressed over
the past few years, particularly
in Europe, where manufacturers
are willing to keep prices low to
increase market share, according 1
to Mr Harding.

“There are too many D-Ram
suppliers and companies who
stay in D-Rams may kill them¬

selves," said Mr Byron Harding
at Dataquest the high technol¬
ogy consultancy.

Siemens had continued to man¬
ufacture memories, which were
considered technology drivers
because it wanted to master the
D-Ram manufacturing process in
order to move into more
advanced technologies.

However, it no longer believes
this Is true. Instead it hopes to
use skills learned In the develop¬
ment of memories to manufac¬
ture more profitable products,
such as application-specific inte¬
grated circuits.

Siemens’s decision to move

away from memories raises ques¬
tions over Europe’s ability to
manufacture semiconductor
memory chips, a market domi¬
nated by manufacturers in Asia.
The biggest memory manufactur¬
ers are Japanese.

Philips, Europe's largest semi¬
conductor supplier, has already
pulled out of slow read-only
memory chips (S-Rams) and has
stopped selling erasable program¬
mable read-only memory (Eprom)
chips while SGS-Thomson is not
participating in slow S-Rams and
its profitability from Eprom sales
has been dwindling, according to
Mr Harding.

KIO says
it will
remain
in Spain

By Peter Bruce in Madrid

THE KUWAIT Investment Office
(KIO), has told the Spanish gov¬
ernment it has no plans to with¬
draw its large indnstrial invest¬
ment from the country in spite of
the costs of rebuilding Kuwait
and the resignation this month
of its long-time partner in Spain,
Mr Javier de la . Rosa.

KIO’s new management met
Mr Carlos Solchaga, Spanish
finance minister, in Madrid on
Wednesday. Valuations of KIO’s
assets in Spain vary between
S2bn and $7bn but it is easily the
biggest private investor in the
country and, with 25,000 employ¬
ees, the government has been
worried by reports that it was
considering withdrawing.

In particular, the KIO chemi¬
cals group, Ercros, is the main¬
stay of the domestic chemicals
and fertiliser industry and has
fallen into deep losses in spite of
heavy injections of state funds
into Its fertiliser operations.

Ercros lost nearly Ptal6bn
(5161.6m) last year while the
main KIO holding company,
Grupo Torres. saw profits fell 25
per cent to PtaSbn, according to
Information given to the stock
market commission.

It was being suggested in Mad¬
rid before the Wednesday meet¬
ing that the government planned
to insist that KIO cleanse its
businesses of their debt -
thought to amount to up to
51-2bn - or at least provide new
funds to stabilise some of its
companies. Reports that KIO
planned to inject a further Slbn
into its operations in Spain could
not be confirmed yesterday.

Mr De la Rosa, KIO’s represen¬
tative in Spain for nearly 10
years and who created the Tor¬
res group largely on Ms own,
resigned as vice-president of
Grupo Torras to pursue his own
business interests, mainly in

flnfatlnnlii

KIO is looking for an invest¬
ment bank to monitor its invest¬
ments in Spain but is also likely
to post a Kuwaiti official to
Spain for the first time since it
began investing here in 1984. For
the moment its interests will be
managed by an executive com¬
mittee headed by Mr Luis Vano,
director-general of Aresbank.
owned by Spanish, Kuwaiti and
Libyan interests.

The group’s immediate con¬
cern is to finalise a joint venture,
begun by Mr De la Rosa, between
the US commodities group, Free¬
port MacMaRon, and Ercros’
loss-making fertiliser and min¬
ing divisions.

TWs announeamarrt appears as a matter of mood only

Intel wins round
in battle to halt
cloning by AMD

By Louise Kehoe
In San Francisco

INTEL, the leading US
manufact u rer of microprocessor
chips for personal computers, has
won a critical lawsuit in its battle
to prevent Advanced Micro
Devices from cloning its prod¬
ucts.

A Californian jury has
returned a verdict that AMD does
not, as it has claimed, have the
right to use Intel's microcode, the
internal instructions that control
a microprocessor.

AMD has won an estimated 30
per cent share of tbe market for
386 microprocessors, since the
company launched its own ver¬
sion of the Intel device last year,
boosting the company’s sales and
earnings to record levels.

AMD’s stock price fell 55% yes¬
terday on news of the verdict, to
$9%. Intel gained $3% to $51.

The lawsuit is one of several
between the two companies
involving AMD's rights to Intel
technology. The latest decision is
a serious setback to AMD’s
efforts to become a major compet¬
itor in the microprocessor market
because the company may now
he forced to create Its own micro¬
code for all microprocessors. This
is a long process in which AMD
has no experience.

The latest case involved Intel’s

287 math co-processor, a device
that works alongside a micropro¬
cessor to boost its calculating
speed. Intel had filed suit against
AMD in 1990, charging the com¬
pany with copyright infringe¬
ment. AMD claimed to have
lirorny to use Intel’s microcode
under a 1976 pact between the
companies and arguments in the
case revolved around interpreta¬
tion of the agreement

Intel said the microcode licence
was limited to its use In com¬
puter systems designed for soft*
ware development, and AMD
firfied to convince the jury that
its licensing rights were broader.

Intel hailed the decision as a
s eminal victory in its legal bat¬
tles with AMD. "We are
extremely pleased with today’s
verdict,” said Mr Thomas Dun¬
lap, Intel general counsel. Mr
WJ.. Sanders, AMD chairman,
told employees: “We have suf¬
fered a setback - not a defeat"

AMD said it would now have to
produce its own version of the
internal instructions for a next-
generation 486 microprocessor it
had planned to launch soon,
delaying introduction of the prod¬
uct

For 1991 AMD reported reve¬
nues of $ 1 . 2 bn and profits of
$145-3m. Intel reported record
revenues last year of $4.78bn and

SftlQm in rrmfits

Bristow Helicopter Group Limited

£105,000,000

Senior Debt and Revolving Credit Facilities

to Fund a Management Buy-Out

Arranged by

& National Westminster Bank

Acquisition Finance

Underwritten by

Bank of Scotland

Bank of Scotland
3i pic

Union Bank of Switzerland

Banque indosuez
Hambros Bank Limited

National Westminster Bank Pic

Funds Provided by

National Westminster Bank Pic

Bank of America NT&SA
Bank Mees & Hope NV

Girozentrale Vienna, London Branch
The Industrial Bank of Japan, Limited

Agent Bank

National Westminster Bank Pic

A NatWest Acquisition Finance

FINANCIAL TIMES FRIDAY JUNE 19 1992

GPA GROUP’S ABORTED GLOBAL ISSUE

P>

Demand falls short by 30m shares leaving financial advisers bitterly disappointed

Investors in UK and US shy away from deal

By Sara Webb, Simon London
and Richard Waters

DEMAND for GPA Group's
shares fell well short of the
goal set by the aircraft lessor’s
financial advisers, with UK
and US institutional investors
shying away from the deaL

Originally, GPA had hoped
to sell 80 m shares worldwide,
with 30m in the UK and
Ireland, 2dm in the US, isra
internationally (continental
Europe, the Middle East and
Asia), and 15m in Japan.

Instead, by early yesterday
morning, the financial advisers
to the issue found that there
was only demand for about
50m shares, with nearly half of
that - 22.93ro - coming from
retail investors in Japan.

Although some of the other
financial advisers remained
sceptical about the strength of
Japanese demand for the
shares, Nomura, the global
co-ordinator for the issue.

denied its managed investment
funds would have been used to
mop up the shares. It said that
two-thirds of the demand from
Japanese retail investors was
new money.

Demand from international
investors, particularly Swiss.
German and Middle Eastern
institutions, was healthy,
amounting to 13.3m shares.
However, in the UK and
Ireland demand amounted to
only 7 J5m shares, while in the
US there was only a demand
for 6.5m shares. In both cases,
the institutions were notable
by their absence, according to
the financial advisers involved
In the flotation.

One adviser said: “US insti¬
tutional demand was disap¬
pointingly small - though
maybe it would have been bet¬
ter if there had been more time
to sell the Issue.'’

With such a low proportion
of institutions willing to buy,
financial advisers pointed out

there was not a substantial
enough investor base for the
deal to go ahead, and
expressed concern that the
retail investors could have
quickly sold out if the issue
had gone ahead.

Financial advisers and inves¬
tors yesterday provided plenty
of reasons why GPA had not
proved a popular stock. Many
pointed to the current difficul¬
ties faced by the US airline
Industry, general market con¬
ditions, and the reluctance of
the US fund managers to com¬
mit themselves to the issue
before seeing the response of
the UK investors.

One of the advisers to the
issue complained: "There
wasn’t any single issue which
arose, but it was partly the fact
that the US investors seemed
to be looking to the UK for a
lead, while the UK investors
looked to the US for a lead."

Another of GPA’s financial
advisers blamed conditions in

the US market for IPOs (Initial
public offerings). “Several
recent [EPOJissues have subse¬
quently traded at below, the
price offered, which doesn’t
look good."

GPA’s rapid growth and the
domineering style of its senior
management made some poten¬
tial investors wary. The head
of investments at one of the
UK’s biggest insurers said:
"people are very nervous about
these large entrepreneurial
businesses - it hasn't been a
good, year for them."

In addition, GPA’s high level
of gearing and the complex
fin aw rial structure of the group
put off the more cautious
Investors. "It’s the sort of busi¬
ness that's very difficult to
understand," said one. “It's
like a pyramid of cards. SI
something 1 goes wrong, the
whole lot could come down."

The airline industry analyst
at one of the largest US mutual
funds, which has $70bn under

lent, gave several rea¬
sons for turning down the GPA
offer. “GPA badly needed
access to public equity finance,
which is not the best motiva¬
tion for a global share offer¬
ing,” he said. “Investors were
unnerved by the air of
urgency.” He added an assort¬
ment'of further reasons for
remaining cautious including:-

• The cyclical peak in leasing
margins and residual aircraft
values has already been
reached against a background
of decline in the airline indus¬
try as a whole.

• It was “common know¬
ledge" as early as last year
that Air (r fl n ad a and Air Lin-
gus wanted to liquidate their
holdings in GPA, and the stock
was touted around the US.

• GPA's financial strength
was questionable. Total debt
rose from $2.7bn in 1991 to
$4.lbn in 1992. Gearing rose
from 240 per cent to 330 per
cent '

• The company Is commited
to raising $il5bn to fund air¬
craft purchases to the year
2000, with a further $9.1bn
required if it exercises options
on aircraft Lines to meet these
funding needs are not in place.

• Lease financing from Japa¬
nese banks, the engine of the
business in the 1980s, has dried
up. This could lead to an
increase in on GPA's cost of
funds.

• GPA’s profitability was
already in decline. Upward
pressure on funding costs will
accelerate this.

• Most of GPA’s customers
were not among the top league
airlines, so its exposure to
credit risk is substantial

The failure of the issue has
clearly been a bitter disap¬
pointment to many of the
financial advisers concerned,
particularly Nomura given that
it was the company’s first man¬
date as global coordinator for
an equity deal outside Japan.

Advisers learn a
costly lesson from
success-related deal

By Roland Rudd

THE GLOBAL offer for GPA
Group’s aborted $80Qm
(£432m) flotation was billed as
the first of its kind. For the
advisers involved it proved to
be the most expensive

None of the investment
banks engaged for the flota¬
tion, which Included Nomura
International as global co-or¬
dinator, Merrill Lynch, Gold¬
man Sachs and Salomon
Brothers in the VS and Schro-
ders and BZW in the UK, will
be paid a penny. Their fees
were success related. Failure
will have cost them dean dur¬
ing the past year GPA
absorbed a bigger chunk of
their time than any other
planned flotation.

Only Hambro Magan, the
company’s permanent finan¬
cial adviser, is on a retainer.

Some of the advisers yester¬
day said, that after having
done so much work on the
issue, they would like to
establish an arrangement
whereby they might be put on
a retainer for future advice.

Mr Maurice Foley, GPA's
chief executive, said he was
still looking at all the options,
Including whether it was
possible to seek a public
listing.

But, as to retainers, it was
too early to tell All he could
say was that technically all of
the advisers* contracts have
expired and so they could be
seen to have "stepped down".
Although he made it clear that
they had neither been fired
nor resigned.

The listing was to have been
simultaneous in New York,
London, and Dublin, with a
placement of shares in Japan.
There was to be a public offer
by tender to give the issue

imwiwnm flexibility.

Instead of asking US banks
to underwrite a fixed price
without knowing the demand
- something which they are
increasingly reluctant to do -
lead managers sought to build
up a book of orders before pri¬
cing the shares.

There was a price range of
$10 to $12, following a 1-for-l
scrip issue, but the actual
price would not be fixed until
the investment bankers had
clear figures of demand in
each country.

Each market was given an
indicative amount; 30m shares
to the UK, 20m to the US, 15m
to Japan and 15m to the rest of
the world. The competitive
tensions between the different
markets was expected to
ensue demand.

As late as last Sunday even¬
ing the advisers believed that
the issue would be oversub¬
scribed. This was because they
had a better response from
retail investors than Institu¬
tions. t

Indeed, only 10 days ago the
advisers leaked the fact that
they bad persuaded the com¬
pany to Issue another 5m
shares. *T am not Into recrimi¬
nations, but we were advised
to increase the number of
shares on offer (from 80m to
85m) 10 days before we had to
pull the issue," Mr Foley said
yesterday.

The issue collapsed when It
became dear on Monday that
there was no institutional
demand from the US. Accord¬
ing to Mr Foley that affected
sentiment in the UK and the
rest of the world.

“The complexity of the the
bookbuilding issue," said Mr
Foley, “with one domino lean¬
ing on the other, may not have
been the right way."

Ashtay Astroood

A time for reflection: Tony Ryan, chairman of GPA, pictured yesterday after the announcement that the flotation was off

Japanese brokers blame flop on Nomura

By Stefan Wagstyl In Tokyo

THE SUCCESS or failure of the GPA
flotation lunged on the willingness of Jap¬
anese institutions to bid for the stock. In
the event, they shunned the issue in suffi¬
cient numbers to force the underwriters to
scrap the offer.

Despite intense efforts from Nomura
Securities, the international coordinator
for the offer and the lead underwriter for
Japan, investors bid for only about 90 per
cent of the stock earmarked for Japan.

Underwriting managers at rival securi¬
ties companies said Nomura’s own clients
had accounted for about 70 per cent of the
total “The rest of us sold very, very little.
Nothing like as much as Nomura,” said
one underwriting manager.

Underwriting managers said institutions

had declined the offer because of the gen¬
eral uncertainty about world financial
markets, including the market for aircraft
leasing.

They also had not fully grasped the
nature of GPA’s business and had been
frightened away by an article In Satur¬
day’s Financial Times which bad advised
investors to avoid the offer. “It did a
lot of damage," said one underwriting
manager.

Moreover, institutions were influenced
by the experience of Mitsubishi Trust &
Banking, the leading trust bank, and other
Japanese investing companies which
bought shares in a private deal at $32 and
would have realised a large loss if the offer
had proceeded. Mitsubishi trust bank has
a dose relationship with GPA and owns
13.4 per cent. Some fund managers

Judged that if Mitsubishi trust bank had
lost money then less well-connected and
less well-informed investors should stay
away.

Underwriting managers said that the
main interest In the offer came from pri¬
vate individuals who had despaired of
finding a good investment in the depressed
Japanese market But os one underwrit¬
ing manager said, salesmen were cautious
about promoting such stock to individuals
since they had even less idea about tbe
nature of GPA than the institutions.

There was plenty of recrimination in
Tokyo last night with rival brokers heap¬
ing the blame for tbe flop on Nomura.
They said Nomura had been
over-ambitious. They also said Nomura
mishandled the cancellation with some
investors receiving the news before others.

Airline executives fear blight on orders

By Daniel Green

THE FAILURE of the flotation
will further disrupt tbe order
books of world aircraft manu¬
facturers, said airline execu¬
tives yesterday. They also feel
that It will raise the cost of
financing aircraft and so help
push some of the weakest air¬
lines into bankruptcy.

GPA stood to raise at least
$3bn (£1.6bn) from the flota¬
tion. The first 5800m was to be
directly from tbe issue of new
shares and the rest through
increased borrowing.

GPA said yesterday it was
confident that it could tap
other sources, but others in the
aviation sector believe GPA
and other purchasers will have
for less money than planned -
and at a higher cost - to
spend on new aircraft.

This is the latest blow for
recession-hit manufacturers. In
the last few months the big
three US airlines - American,
United and Delta - cut their
capital spending programmes.

Other airlines have deferred
delivery dates. And only last
week, McDonnell-Douglas said
it was all but abandoning
development of the MD-12 600-
seat aircraft.

As the largest leasing com¬
pany in the world, GPA is also
one of the biggest buyers of
new aircraft. Its firm order
book, worth $11.9bn, accounts
for more than 10 per cent of
the outstanding orders of Boe¬
ing and Airbus, the world’s
biggest ctvR aircraft makers.

Without new equity, ft will
not have the cash to pay for all
of these aircraft. Unless GPA
can issue more equity -
through a flotation or private
placements - it might be
forced to cancel some of the
308 aircraft on order for deliv¬
ery between 1993 and 2000, said
City analysts.

Aircraft manufacturers were
tight-lipped yesterday, insist¬
ing that GPA finances were not
their affair. Investors took a
different view however. The
share prices of Boeing and

McDonnell-Douglas of tbe US,
Fokker of Holland and stake¬
holders in the Airbus consor¬
tium, such as British Aero¬
space, all fell

Smaller airlines also felt the
pressure. GPA often leases to
smaller or poorly capitalised
airlines which struggle to
obtain attractive terms for fin¬
ancing to back expansion.

Part of the reason for the
share price weakness was fear
that aircraft buyers would
delay purchases further,
increasing the pressure on
prices. "Aircraft values could
be sent spiralling downwards,”
said Mr Keith McMollan, man¬
aging director of Avmark. avia¬
tion consultancy, yesterday.

There was also recognition
that GPA, a financial company
expected to have good contacts
in the investment community,
had foiled to persuade inves¬
tors that the airline industry
was a good bet

“It cannot be good news that
GPA cannot attract lands in
the present business climate,"

said Mr Alan Hodder of the
International Bureau of Avia¬
tion, a US-UK consultancy.

Airlines have been unable to
recover strongly from the col¬
lapse in demand caused by the
Gulf war. US carriers have
fought a series of price wars
that have destroyed hopes of
short-term profitability

Another price war has just
begun, and this week Ameri¬
can Airlines, the only large US
carrier to make a profitin 1991,
said it would lose money in the
second quarter of this year.

Such is the desperation of
the airline industry to see a
foil in the number of competi¬
tors, that executives were yes¬
terday prepared to argue pri¬
vately that the failure of GPA's
flotation was a good thing.

“It will make it more diffi¬
cult for weak or small airlines
and win help consolidation In
the Industry," said one execu¬
tive. The corollary, was that
fares would eventually
increase and allow airlines, to
repair their damaged finances.

Larger Irish institutions
hoped to reduce stakes

By Tim Coone hi Dublin

IRISH institutional investors
and shareholders that had
together planned to dispose of
some 6.5m shares In yester¬
day’s combined offering In
GPA Group, were unwilling to
comment on the company's
surprise decision to withdraw
the offer.

But there was widespread
unhappiness elsewhere in Dub¬
lin. “The signals In the London
market had been there for
weeks," one banker said.

"The failure of the offer has
a lot to do with GPA’s own
arrogance. GPA was forcing
the pace the whole time over
the price of the offer. You
can't push institutions uphill,
and GPA weren't prepared to
recognise that For years they
have been promising a public
offer, but then they kept turn¬
ing to the Institutions and ask¬
ing them to keep their hold¬
ings for another year. They
have lost a lot of friends like

that".

Although some existing GPA
shareholders were dne to
reduce their stakes, institu¬
tions and retail Investors had
been expected to buy a total of
between $30m (£16.2m) and
$40m of new shares in Dublin.
As a result, Irish Institutions
wonld have shown a net
Increase of about $20m in their
holdings.

Hr Mike Moroney of Good-
body stockbrokers said a num¬
ber of the larger institutions
already holding GPA stock
were looking to reduce their
exposure, as once floated GPA
would have represented 20 per
cunt of the Dublin stock mar¬
ket’s market capitalisation.

He said that the target expo¬
sure to GPA as a percentage of
their Irish market portfolios
that the institutions were aim¬
ing at was about 6 per cent.
“Some would have been want¬
ing to reduce their level to
that, others would have been
looking to get in", he said.

Market takes
the cancellation
in its stride

By Maggie Urry

THE MOST cheerful
interpretation that analysts
could put on the sudden can¬
cellation of the GPA Group flo¬
tation yesterday was that it
removed one source of supply
of new stock.

Money earmarked for the
issue could be diverted else¬
where in the equity market,
which is be ginnin g to suffer
indigestion from the weight of
new paper being sold.

But as less optimistic strate¬
gists put it, hardly any UK
investors had earmarked cash
for GPA anyway.

Tbe announ cement that the
issue bad been pulled at the
last moment was certainly a
factor in the 35.7 point foil in
the FT-SE 100 index to 2,562.7.
Bat the market had already
coped with the postponement
of the 31 flotation until next
year. Strategists feel the stock
market has more to worry
about than delayed flotations.

Overnight foils in New York
and Tokyo, due to pressure on
corporate profits, were more
frequently cited as reasons for
nervousness in the UK market
yesterday.

The dampening of hopes for
economic growth in the UK
and the prospect of further
downgradings of earnings esti¬
mates were also viewed as
more serious concerns.

As one strategist put it:
"GPA barely makes ft into the
top 10 of reasons to be bear¬
ish.” The market could become
more concerned, though, if
there were suggestions that the
cancellation of the flotation
put GPA's financial position
into doubt

A well-publicised, last-min¬
ute, cancellation like GPA's -

unlike 3i's issue which was
still some way from the market
- cannot help sentiment
towards other issues in the
pipeline, but it may have little
real impact The UK market Is
experiencing the greatest run
of new issues, apart from pri¬
vatisations, since the 1987
stock market crash.

Wellcome Trust, the majority
shareholder in Wellcome, the
pharmaceuticals group, which
is planning a £4bn secondary
offering, said that GPA's can¬
cellation “in no way changes
or affects our plans." However,
Wellcome’s shares foil 26p to
9l9p yesterday.

Like GPA, the Wellcome sale
Is a big international offering.
But corporate financiers
agreed the GPA flotation was
so distinct from the Wellcome
issue that the latter should not
be seriously affected.

They noted that Wellcome’s
sale structure was more flexi¬
ble than GPA’s had been,
allowing ft to direct shares to
areas of stronger demand. Fur¬
ther, the group is more readily
comprehensible to investors,
and is part of a well-researched
sector of the market.

Wellcome is also putting a
great effort into educating
investors through a massive
international road show. And
since It is a secondary offering,
it is being priced against an
existing share quote, whereas
GPA’s pricing was a much
more difficult exercise.

Other Issues In train, such as
MFI and Kenwood, are not
expected to be seriously dam¬
aged by GPA's decision. More
worrying for them is the gen¬
eral fall In the stock market
over recent weeks, which will
be reducing the prices vendors
can expect for the shares.

■ 5 *

1st

If

,-r»-

- Sxl:

Debt still accessible,

but more expensive

£:tV

By Simon London and
Richard Waters

THE FAILURE of GPA Group’s
share sale leaves the group fee¬
ing an increase in its cost of
borrowing - though financiers
said yesterday that it would
still have access to debt

The likely rise in borrowing
costs was signalled yesterday
as Standard & Poor's, the US
rating agency, placed GPA
under review for a possible
downgrade. Moody’s Investors
Service, the other big US
agency, is already reviewing
GPA for downgrading.

The group currently carries
a Baal credit rating from
Moody’s, one notch lower than
S&P and only two notches
above the "speculative" grades
shunned by most investors.

Mr Phillip Baggaley, credit
analyst with S&P in New York,
said: “Following a period of
rapid development GPA does
need an injection of equity.
Failure to complete the share
offering will weaken tbe bal¬
ance sheet going forward,
although there is no sign of
any cash or liquidity problem."

GPA has relied until now on
three main sources of debt
finance: banks, bonds and
securitisation (under which it
has sold bonds with the back¬
ing of aircraft leases as secu¬
rity). It has also succeeded in
selling shares in a number of
private placements. One
banker said: "They have tried
all the avenues: no one particu¬
lar form of finance has been
enough for them. This will
make it a bit mare difficult"

GPA's main banking facility
is a S3.075hn syndicated credit
line negotiated with a group of
73 banks in 1987. Other lines
include a $325m interim facility
signed in September last year,
foiling due for repayment In
December 1993 and March 1994.

Although these committed
bank lines are secure, banks
are unlikely to extend addi¬
tional credit

GPA made its first public
bond offering at tbe end of lest
year, a $500m seven-year issue
in the US market, and has
placed bonds and preference

shares privately with institu¬
tions several times. While US
institutional investors may
have been unwilling to commit
equity capital to GPA tt’jhas
raised substantial debt finance
In the US. Yesterday however,
trading in its bonds had dried
up in New York. Dealers at US
investment banks were unwiH-
ing to quote a price on the
debt

The'US market has also been
a source of short-term liquidity
for GPA vi a its $250m commer¬
cial paper programme, set up
in March 1990. The prospectus
said GPA had on average $84m
commercial paper outstanding
at any time.. S&P said yester¬
day its short-term commercial
paper rating for GPA would
not be reviewed. .*-'■■■

Securitisation remains one of
the group's best chairces of
raising further debt-rathe near
future. Last wedc^GPA'made
the first issue cCsecuritlsed
aircraft leases.

Under the issue^M aircraft
leases were place&hi k special
purpose company which then
issued bonds. The .rash Sow
from the leases is used to pay
bondholders. . : “ V-.

Similar techniques are well
established in other areas, of
the financial marketsTnredft
card debt and mortgages-arc -
often securitised in the US. 7

The special purpose com¬
pany which owns the aircraft
leases and issued the bands is
“ring-fenced" and should be
i mmu n e from any finanrial dif¬
ficulties at GPA The price of
last week's bonds were barely
affected by yesterday’s news:

Analysts said that the avail¬
ability of securitised finance
depended on the health of the
airline industry. If charter
companies leasing the aircraft
default, bondholders will only
continue to receive payments if
the aircraft can be repossessed
and either leased or sold. -

That means that securitised
bonds look a less 1 attractive
investment if airUnwt and char¬
ter operators are in .financial
difficulty, if income from air¬
craft leases foils, or if the resid¬
ual value of commercial air¬
craft is depressed. .~

EDT.

ta a act

Sr

E£***c*x»r

General Ryan loses the battle of the bulge

THE SHANNON headquarters of GPA
looks more Uke the branch office of a
small software company than the nerve
centra of a worldwide business.

Its main operations room, however,
resembles the war games room of a
military headquarters. Maps, charts and
data can be instantly called up from
blinking banks of computers on to three
movie screens. Information on every jet
manufactured in the western world -
maintenance history, owner, technical
data - can be shown in seconds.

Simultaneously, maps can be dis¬
played showing the locations of individ¬
ual aircraft types, beside charts of the
latest exchange the world's main finan¬
cial centres. Hie locations of GPA’s 100-
odd marketing agents In the Geld can

be superimposed, and game plans
drawn up.

Here the company's executives meet
every Monday morning to discuss strat¬
egy. Chairman Tony Ryan, who started
GPA with $50,000 in 1975, does not toler¬
ate excuses for missed meetings.

The grandson of a station master, and
son of a train driver, 58-year-old Ryan
started with Aer Lingua as a dispatcher
at Shannon airport when he was 19.
Quickly moving up through the ranks,
he discovered there was money in jet
aircraft Teasing when he leased two 747s
for Aer Lingua in the mid-1970s.

Guinness Peat, Che merchant banker,
and Aer Llngus, helped him set.up-
GPA, providing 90 per cent of the capi¬
tal The company initially earned com¬

missions by placing one airline's sur¬
plus aircraft with those short of jets.

Since 1987, he has built a star-studded
cast or non-executive directors, Includ¬
ing: Nigel Lawson, former UK Chancel¬
lor, Garret Fitzgerald, former Irish
prime minister. Sir John Harvey Jones,
chairman of The Economist, Peter Suth¬
erland, chairman of AIB Group and for¬
mer EC Commissioner, and Shinroku
Morohashi, president of Mitsubishi.

Today, "the business of GPA is turn¬
ing airplanes into attractive financial
assets and selling them to investors,"
says Mr Ken. Holden. GPA’s chief strate¬
gist Its 30 0 employees - about a third
of whom are abroad at any one time
doing just that - produced a profit of
US$279m in the last financial year,

almost trebled in five years.

GPA’s rapid growth put it on the
verge of becoming Ireland's biggest
company. Had it been floated, GPA
would have accounted for M per cent of
the Dublin stock market capitalisation.

Mr Ryan's implacable drive and his
creation of a major international busi¬
ness from such humble beginnings, has
won him admirers, but also detractors.
One Dublin banker said yesterday: "He
has been very arrogant with the institu¬
tions, and there are probably more than
a few people laughing up their sleeves
at the moment"

As Mr Maurice Foley, GPA’s chief
executive said recently, leasing “is a
very cold, unsentimental business, even
in Ireland".

GPA's high-tech headquarters in Shannon: nerve centre'

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STET share offer

INTERNATIONAL COMPANIES AND FINANCE

investor demand

By HNg Simonlan In Milan

DEMAND.- forshares and
'®a«ants hi STET. the naife*
state-owned company which
amtads' the country's telecom¬
munications activities, has
a lmos t doubled "the "quantity of
paper on offer.

The news, which follows the
deal’s ^dosare of sched¬
ule on Tuesday evening, will
raise L707bn($592.im) for ERI,
the caslhstrapped state holding
company which controls STET.

After all warrants are exer¬
cised, RTs stake in STET will
fall-to around 53:per cent of Its
ordinary shares and just 1 per
cent of its holding stock, mi
currently has about 69 per cent
of STET'a ordinary shares anfl
30: per rant. of. the savings
stock, if an outstanding war¬
rants are exercised.

The se condary sale of equity
in STET was launched on Mon¬
day. The offer was constructed
in the form of “packets'*, priced
at L2.020.000 apiece. Each
pack et com prised 1,000 ordi¬
nary STET shares along with
50 warrants convertible into a
further 500 ordinary shares
and 100 warrants convertible
into looo savings shares.

Around 6,700 offers, for a
total of 680,000 of the “packets”
of shares and warrants being
placed, were received, against
the 850,000 packets on offer,
according to the lead-manager,
Mediobanca. Sane 53 per emit
of the offers had come from
Italian investors and the
remainder from abroad.
Around 3,600 shareholders put
in bids for over 215,000 packets,
and wflj receive 275,00% Medio-
banca said.

Sparbanken in SKr750m
loss for first four months

-SPARBANKEN, the Swedish
savings bank, has postal a
SKr750to ($l32.7m) operating
Iras forthe first four months of
the year after loan losses total¬
ling SKr3.073bn, writes Robert
Taylor id Sto ckholm.

- The bank said yesterday that
the deficit .was in line with
estimates made at the' of
the Swedish government’s
SKx7.3bn bail-out of Forsta
Sparbanken in April

The Swedish savings hank
industry Is going through dras¬

tic change. By the onfl of the
year, Sparbanken will merge
with 10 regional savings hanks,
the Stockholm-based Ffirsta
Sparbanken and Swedebank.
The aim is to streamline the
industry by creating the larg¬
est savings bank in the coun¬
try with SKr540bn in assets.

By 1994, Sparbanken intends
to cut costs by SKrSbn from a
level of SKr9.5bn at thus begin¬
ning of the year in an effort to
achieve a 15 per cent profitabil¬
ity ratio.

Seven sugar
groups face
Brussels
fine threat

By David Buchan (n Brussels

THE EUROPEAN Commission
is threatening to fine seven
sugar companies In the UK,
Ireland, France «™i Denmark
on suspicion that they have
been illegally protecting their
home markets from competi¬
tion, and so forcing prices up.

The Brussels competition
directorate has sent five sugar
producers - among them,
British Sugar, Tate and Lisle,
and Irish Sngar - and two
sugar t rading co mp anies a for¬
mal “statement of objections”,
alleg in g infringements of the
anti-cartel Article 85 of the
Treaty of Rome.

The companies have the
chance to present their case in
a formal hearing in Brussels,
before the Commission takes
any final action. The latter
could be some months off.

The action, which came to
light yesterday hi a statement
by Greencore, owner of Irish
Sugar, to the Dublin Stock
Exchange, follows a seven-
month investigation from Sep¬
tember 1990 to March 1991.

The flmnM fmri im that

from mid-1986 until the start
of its Investigation, the compa¬
nies concerned took a variety
of actions which Insulated
their national markets, partic¬
ularly tiie UK, from any effec¬
tive competition from abroad.

Article 85 bars companies
from pursuing practices which
generally “have as their object
or effect the prevention,
restriction or distortion of
c omp e titi on" within the EC.

Stainless steelmakers set to forge alliances

Andrew Baxter reports on the renewed interest in partnerships between European producers

A NEW phase of restruct- try. This suggests that alii- Wftn , n staimifaw long-term investments needed • Intensive process-plant indus-

SPjLSFlVf in mtb fran* W °™El iMMJmir J° “P** ^ S rowth ’ *** such as chemicals. One

the world stainless atlantic deals. IwWlornT keen im nrfth phnmrint? nmriue- analvst ciimraotnit Aii mitrht

PrcOucUoB gont u mo t ion

A NEW phase of restruct¬
uring is under way in
the world stainless
steel industry. The spotlight
has shifted away from foreign
takeovers in the US and has
refocused on the forging of alli¬
ances in Europe-
Lost month’s announcement
that British Steel and A vesta,
the Swedish stainless steel pro¬
ducer, were discussing poten¬
tial collaboration raises the
prospect of a new force in the
stainless industry to challenge
France’s Usinor-Sacilor, which
is the world's biggest producer.

Industry observers, and
rivals of tiie UK and Swedish
companies, are convinced that
a deal will soon be announced
to unite what one analyst rails
“two second-division players”.
This will not be the end of the
restructuring, they say, in an
Industry which remains
plagued by overcapacity - in
spite of better growth pros¬
pects than in the recession-
tom carbon steel industry.

The restructuring in stain¬
less began in the US before the
current recession. In the late
1980s, the US producers’ rela¬
tive inefficiency, poor invest¬
ment record and structural
undercapacity in some product
sectors turned them into
attractive acquisition prospects
for efficient outsiders. Ugine,
the Usinor subsidiary, led the
influx of foreign buyers and
joint venturers.

The characteristics of the
stainless industry make it par¬
ticularly suited to a global
approach, according to Bed-
dows, the strategy consultancy
specialising in the steel indus¬

try. This suggests that alli¬
ances will not end with trans¬
atlantic deals:

• All manufacturers share
common internationally
denominated raw material
costs and want to increase
their purchasing power;

• Grade specifications are
becoming increasingly homoge¬
neous worldwide, making it
easier to centralise research
and engineering functions and
then apply the results to manu¬
facturing fac i li ti e s worldwide;

• Globalisation makes the
slow and expensive process of
finding new applications for
stainless faster and cheaper by
spreading the costs and the
benefits worldwide.

All these trends are now
making their mark on Euro¬
pean producers, which at the
same time have yet to tackle
the problems of overcapacity
In manufacturing. In gfeinipon
flat products, says Mr Philippe
Choppin de Janvry, chairman
ami chief executive of Ugine,
there is overcapacity of 20 per
cent to 25 per cent, and much
more in the smaller long-prod¬
ucts sector.

Some overcapacity is neces¬
sary if producers are to
respond to demand increases,
but the industry suffers from a
chronic problem common to
the European steel sector gen¬
erally: “When things are going
well nobody wants to restruc¬
ture, but in bad times, no one
is willing to take the pain,"
says Mr Rod Beddows, founder
of the Beddows consultancy.

Short-term factors are
encouraging partnerships, too.
As the world stainless Industry

* Thousand uiaoft. Imm fisMas «utMH
Europa mat tonoor So*M Union.
t Ftrimrn * bf Bmtoomt.

Sew**: MtarM MMtov Sm tatota. hr

begins to emerge from reces¬
sion, European producers want
to position themselves to take
advantage of the upturn. After
a very poor second half of last
year, the European market for
flat stainless products is slowly
improving and the US market
is definitely picking up, says
Mr Choppin de Janvry.

For the medium-sized Euro¬
pean producers, tiie recovery
prospects, however faltering,
are a spur to salvage some of
the financial strength which
they lost through the past two
years of bleating balance
sheets.

G rowth forecasts of 3 to
5 per cent for the
stainless steel industry
may look unexciting, but dwarf
the puny 05 per cent growth
predicted for the European car¬
bon steel market.

Hence the needs for partner^
ships to produce benefits of
scale that will finance the

long-term investments needed
to exploit this growth, and
keep up with gb an j-ft i g produc¬
tion technology trends.

There is a further reason for
the renewed Interest in part¬
nerships and joint ventures
which the industry prefers to
downplay.

In the summer of 1990, seven
large European stainless pro¬
ducers shared a token
Ecu425,ooo (1327,000) fine levied
by the European Commission
for operating a price and pro¬
duction cartel

British Steel was one of the
seven, and Aveste was in the
cartel but not fined because it
is based in Sweden, outside the
EC. The ending of the cartel
known as the Sendzlmir Club
after a stainless production
process, has Increased competi¬
tion in the European market

British Steel and A vesta are
staying silent about what kind
of deal may emerge from their
talks, but are keenly aware of
all the short and long-term
pressures on them.

A merger or joint venture
between British Steel Stainless
and A vesta, which produces
only stainless steel, would
unite two similarly-sized, but
finan ci al ly weak manufactur¬
ers to create one of the world’s
largest producers with annual
output of around 700,000
tonnes, eclipsed only by Ugine,
which claims output of about
86(1000 tonnes.

Significantly, a link would
produce a dominant player in
the European stainless sheet
business, with a share of as
much as 40 per cent of a mar¬
ket supplying investment¬

intensive process-plant Indus¬
tries such as chemicals. One
analyst suggested this might
attract the attention of the
EC’s competition authorities.

For Avesta, a deal could
make a big difference to the
return on its new “Steckel”
mill for hot-rolling slab into
coil — the first stage in
production process for cold-
rolled sheet. Brftifeh Steel does'
not have a dedicated sfaUntes
hot mill and is unlikely to buy
one with its current clamp-
down on capital spending.

For British Steel the main
benefit of a deal would be
access to A vesta’s extensive
overseas distribution network.
Both companies, says Mr Bed¬
dows, will gain more critical
mass in the US.

T he question remains
whether any deal will
lead to any significant
reduction in European stain¬
less production capacity.
Observers do not foresee
wholesale jobs cuts, either at
Avesta or at British Steel,
where more than 2£00 are
employed in stainless, but
some rationalisation looks
likely. “If I were the boss, I
would be rationalising,* says
Mr Choppin de Janvry. “I
know their management, it’s
very capable, and it will do the
same.”

If a link-up between the two
companies prompts further
restructuring in the industry,
it could be the first step to a
healthier sector. But closures,
particularly In long products,
may still be unavoidable to
achieve that

Brent Walker hit by property losses

Enso-Gutzeit FM76m in the I UK TV stations =,.•*«* im, ■» l™*».

red in spite of sales gain ™ vefl *”* plan

Mr ” vmnrctmn? Taiavicini, ■>«

ENSO-Gutzeit, the Finnish
pulp and paper group, has
returned a FM76m loss (after
financial items) for the first
four months of the year, com¬
pared with a FMl82m (S42.4m)
loss for.the same period of,
1991. writes Robert Taylor In
Stockholm. ...

Net sales went up by 9.3 per
cent to FMK36ba,-Ihe com* -
pany said internal rationalisa¬

tion measures would ensure a
continuing revival towards
profitability, but operations
would stffl be showing a.loss
by the end of the year.

Mr Jukka ffltrmsia mnii com¬
petition had kept prices down,
particularly for fine papers and
publication papers, while the
paperboard marke t was stable
and demand fin- Scandinavian
sawn timber increased.

YORKSHIRE Television and
Tyne Tees Television, two
northern England companies
that won independent televi¬
sion franchises last year, yes¬
terday announced terms of a
merger, write Richard Gourlay
and David Owen.

A wwnmnwHlwl offer from
Yorkshire values the Tyne
Tees share capital at £80i4m
<$56J4m).

Lex, Page 16

BRENT WALKER, the leisure
and property group which com¬
pleted a £L65bn (JS.OSbn) refi¬
nancing in March, made a
retained loss of£41L4m in 199L

The loss compares with (me
of £367.7m in 1990. It was
mainly caused by a sharp rise
In interest costs, from £116whn
to 2235.8m, and exceptional
costs of 220L8m compared with
£U63m a year earlier.

Provisions fin: falls in prop¬
erty values accounted for
£142£m a gainst £97.7m of the

exceptionals. Fees and costs
involved in the refinancing
were 239.8m, up from £14m.
There were reorganisation
costs of £l9Jm against 21.5m.

Lord Kinders] ey. chairman of
the UK group, said: “1991 was,
by any standard, a most trying
year for the group."

As well as the financial
restructuring and the losses,
Mr George Walker, former
chairman and chief executive,
is claiming compensation for
loss of office. The Serious
Fraud Office has launched an
investigation into the compa¬

ny’s affairs. Lord Kindersley
said Mr Walker had “gone
quiet” and he could not com¬
ment on the SFO investigation.

There was a loss per share of
76S.09P, compared with 299.77p,
and no dividend on the ordi¬
nary or preference shares will
be paid.

The group published a pro¬
forma post-restructuring bal¬
ance sheet, prepared on a
going-concern basis, which
showed negative net worth of
£CT.lm.

Details, Page 28; People,
Page 12

Unichips acquires Spanish
crisps group from Borden

By Haig Slmontan

UNICHIPS, the privately-
owned Italian company which
is the country’s biggest maker
of potato crisps, is expanding
further in Europe with the pur¬
chase of Crecspan, Spain’s sec¬
ond-biggest crisps group.

The vendor is Borden, the US
multinational which bought
Barcelona-based Crecspan in
1984. No price for the deal in
Which. Rothschild Italia advised
the purchaser, was revealed.

Unichips, controlled by Mr
Alberto Vrtaloni, the son of the
founder, is best known in Italy
for its San Carlo brand, which
has around 50 per cent of the
domestic potato crisps market.
The company started operating
in Spain In 1989, and the fol¬
lowing year bought control of
Flodor in France, where it is
also the market leader.

With Its latest acquisition,
made for cash, Unichips will
have sales of around L750bn
(Jfi28Jm) this year.

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. JAWS GROUP,

. PUBLIC LIMITED COMPANY

, *gf*aa* HmdmUmQ

INTRODUCTION
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THE OFFICIAL UST

Amngedby __

DAVY CORPORATE FINANCE LIMITED
Ukoagh

JAB DAVY ■ _

n. r -rf -SHARK CAPITAL. Uamiim * M X M—tmqf
■ AArW ■ Slmr m _ - AH' ^ - Sk*m

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dmmmm Am tat fl» W OnBniiT«i«*. A**fc»d«My W ^M

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ckoano. .1 p-.Tla UW5 OwotMa bean pm* bflvf.ua.

hkW aUfptbni of te Ceopanj, tam tfw ap of fl ip Cccyn y 0» IAWS

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SnSra «Sp. POBUCLDanDCOMPANY■ IJbyQy H—■ ■ ^
^■mUair t»i abe, W wH wak a fly, ftnmilw Cn i qmt y A yu wmiw ^OmciR*
Sm.IN tUbi2nldTba Stock E K e hm ^ Tom. Londba BOS IBPfcr Oo l»
babM dm Mbnrb« Om dm aTtK. aMiw.

nsuc UMITSD COMPANY

isiumoSM

DfHhl

r*:(BU7i7ua

Data Bomo, 4» Dm StrM^
DnUtaX

STATE BANK OF SOUTH AUSTRALIA

A $75,000,000

FT HATING RATE NOTES DUE 1994

Holdas of the nows rftiieaJbove issue are bradiy

the following will apply.

INTEREST RATE: 5.97 PER CENT PER ANNUM
INTEREST PERIOD; 18 JUNE- 18 SEPT EMBER 1992
INTEREST AMOUNT DUE: 18 SEPTEMBER 1992
PER AS10.000NOTE: AS 150.48

PER AS5,000NOTE- AS75.24 ■ --

BANK OF TOKYO AUSTRALIA LIMITED
AGENTBANK

BooWvwdHwH. Luxrnnbouro.

BANK ra TOIO0 UNITED, 4-8 Rut
SahtoAorw. PM 7500. HanoB.
BANK OF TOKYO UWTH3,
bnmsnnannMrane43,4000
D uMfl hlortl.Qamwnn
BANK OF TOKYO UMTED./mium
dai Arts 4740, WMOBnusota.
Bal^um.

BANK OF TOKYO UUITED,
SuOMriand Hoosa, SChartar Road.
Hong Kong.

BAMC OP TOKYO TRUST
CX3MHWY, 100 Broadwaac Naw Ybrit
Ot* NY 10006.

tfdaSbad, traMcWanaybi
Bhan to HI Samual Bank Umkad to
giva dtoeradonary praqr to a pscaon
daatgmdad by Hn Compaiy
YtoUngRIflMB may only ba ■

i w ardt a dtnreapactoip o poeKc y

R a oal pti i reptasanllnp Otanagy
aftna on tha RogbtBr as at 3ist
March 1802.

Coptaa to BnoMi of *a lull tmt ul

SEOUL TRUST

Intenralionai Depositary Receipts
evidencing Benefidal Certflcates
representing 1.000 (Jnils (and 100 unite)

Notice Is hsrsby given to the UrtthoWare that OAEHAN INVESTMENT
TRUST declared a <Snrfcuk>n of Won 444,000 per DR of 1-000 Units {Won
44400 par OH of 100 Units) payable on orator JiJy 6,1962 in tha Ropubfic
of Korea as wel as tha poswOltr. undl August20.1882 of reirwealng in naw
DRa of 100 Unte el or part of tha dtaftlbuton to which Hotdara are enlNsd.

Paynwai of coupon no 7 of the htamadonai Depositary Recasts wfll ba
made ontor after Ji4y 6.1092 in US Doflare at one of the following offices of
Morgan Quaanty Treat Company of Naw York:

- Breneis. 35. nentw daa Arts

-New York, 30. West Broadway

-London, t, Angel Court

- Frenkfurt, 44-aa. Mtinzer Landstraaw

- Zurich, 38, SMfearatnuae

Tha amount ol dollars ahaA ba the net proceeds of tha sale of tha Won
amount to tha Korean amchange bank h the Republic of Korea at the curam
aafeng raw on the dqr of remittance by the manager, and wl be dhgributad n
the Unitholdere In proportion to their respective amide men Cs and after
deduction ot Ml axes and charges of tha Depositary.

Holders residing hi e country having a double taxation treaty with the
RapuMc of Korea may obtain payment o( their coupons at a lower rata ot the
Korean non-restdent wtthtobfng tax, on condition they furnish to either the
Depositary or trough one of the designated sub-paying agents a certificate
ahawkig their raaMenoa togatoer wMi a copy of tha oartflceea of Incorporation
or a copy of tha passport lor JndMduata. Those documents are requested by
the Korean National Tax AdmHsradon Office am evidence of residence and
wtahout them Vta M rata of 211,875 pa Korean nonresident wifrhoking tax
ariH be retained.

For raeidamB of the United Kingdom, toe vun Intends to apply for dstribudng
Matos tor each ilnanciaJ year. UJC. beneficiaries wffl in moat drcutmuancee ba
Babta max on iha dtedbution whether reinvested or not.

V any holder atad tail to request tha dbtfrbudon by Via and of October 1932
the unrequested amount of db&bulion wffi be sent to the Dspodlary in cash
altar deduction of 2fij87S pa tax not lator titan the end ot Nowntoer 1992.

For 5 years, the Depositary wilt Keep the amount for delayed distribution
requests. The uncWmad money ahal return to die trust attfie and of 5 years
tom tiie and of sudi accounting period.

M reinvestment requests to a whole multiple of 100 Units ate to ba sent no
tater than August, 20 1992 together with the above mentioned required
documents, to one of the Mtastog add ress ee:

- if toe IDRs are heto to Eurodew :n Eurodear Operations Center.
Equities Deportment. 4 me de la Rdgance. 1000 Brussels (telephone
number 32 2 5191447: telex number B1Q25)

- It the IDRs are held outside Eurodear: to Morgan Guaranty Trust
Company ol New Yu*. Securities Department, 35 Avenue des Arts.

1040 Brussels ( t el ep hon o number 32 2 508 8215; telex 217S2)

The Issue price for mtovesttnant wfl be toe net asset value per unit on August
25.1BB2.

to cases where reinvested distributions are not muMples of 100 Units, the
Unit holder can request a partial nrinvessmrtt and a partial cash dstrfeution.

Tha reinvestment ahafl be made on August 23, 1992 and the issue and
nnsfer of IDRs to tiie persons entitled to reinvestment on September 30,
19B2-

Lkxgan Guaranty Trust Company ol New Yorit
Brussels Oflba.

This announcement appears as a matter of record only.

Espace Beaulieu S.A.

Non-Recourse Senior and
Mezzanine Debt Facilities of
BEF4,760,000,000

Adviser and Arranger

Citibank, N.A.

Senior Debt Facility provided by

Senior Lead Manager and Facility Agent

ASLK-CGER Bank

Lead Manager

DePfa-Bank Group

_ Managers

Bayerische Landesbank International S.A.

Credit Communal de Belgique-Gemeentekrediet van Belgie

Credit Lyonnais Belgium SA.

fppaBankSA.

_ Mezzanine Debt Facility provided by

Citibank. NA. • ASLK-CGER Bank

To assist in the acquisition of the property. Espace Beaulieu. Brussels, from Codic SA.,

tor the sum of BEF5,600.000.000

June 1992

CTTIBANKO

Appointments

Advertising

• Appears every
Wednesday, & Thursday

-Iriday •

* Oh the 1 international „
: .addition only)

Tb tbc Holder* of
International Bank for
Reconstruction and
Development

Undated US. Dollar Floating Rale Notes
of1985

In accordance with the provisiomof
tbo Notes, notice Is hereby given that
the above Notes will bear interest for
the period from June 15,1992 to and
including September 14,1992at a rate
per Sun*4^45121962% payable
■on September 15,1992 in the amount
ofSlw-49 in respect of each $10,000
prtncfpnJ amoant oTNotes and S2J12.16
.£ respect of each $250,000 principal
amount of Notes.

MORGAN GUARANTY TRUST raenWVY

nr lnaLAhenf Agnv
Dated: June 19,-1992

Badcaf^togqpen(Aiatintia)Iinolbd

A$2^0flQ,0M

Term SubcnteatedFloettnt Rate
Nates Doe 2M9

In acconknoo tritii tba praidw of dm
Note, aod» ii bneby gjveq tire for dm

ii. wntrfl to ( m pedfid fcam lp JbBB

1992 u 21 De on a ba r 1992, lbs Nats
wiB espy u bxerert Rata of 54371%
pffmmL UtelntaEftpaytiUemiha
ralsvaat interest psymaat date 21
Daoemte 1992 wffl be A$3j0*.16per
ASlOaOOONoie.

Apt

OCBCBANK

SKANDINAyiSKA ENSKELDA BANKJEN
USS330^00^00

SllBORMNATED FLOATING RATE NOTES DUE 2000

Notice is hereby given that, is accordance with the
provisions of the above mentioned Floating Rate Notes, the
rate of interest far the six months period from June 17,1992
to December 17,1992 has been fixed at4.375% per annum.

The interest payable on December 17,1992 will be
US$111.20 in respect of each Note of US$5#)0.

AGENT BANK

WEST RAND CONSOLIDATED
MINES LIMITED
JlnoofpontMdin
tiwRspalriootSMfli AMea)
Company Ra gto mtioii Ito: 01/0187*06

SECOND CAUTIONARY
ANNOUNCEMENT

Shareholders are advisod that
rtegotiabena which could affect the
share price are a® to progress and.
until a further announcement la
made, sharehoktera are advised to
exsrct&a caution in dealing In thair

Joharmrtburg

iSJunai9S2

K^an IntematkMial Bank Pic

US$ 45^)00,000

Subordmated Floating Rate Notes chie 1996

In a ccordance with the provisions of the Notes, notice is hereby
given that for the interest penod from June 18,1992 to Decem¬
ber 18.1 992. the Notes will carry an interest rate
of 4^8% per annum and the

coupon amount per USS 10,000 A gte\ _ Ba*

wffl be US$219.22. IrJjR Kre di etbank

|liSXrf Lwmmboiwg

FINANCIAL TIMES FRIDAY JUNE 19 1992^

INTERNATIONAL COMPANIES AND FINANCE

O&Y unveils revised plan
for restructuring of debt

By Bernard Simon In Toronto

OLYMPIA & York yesterday
outlined a new debt-restructur¬
ing proposal which would
include extending repayments
on most of its debt for five
years. It would also mean dis¬
posing of some of its Cana dian
properties and other invest¬
ments.

The company reaffirmed an
earlier plan to convert some of
its C$13,5bn (USSlLftn) debt
into equity. However, it contin¬
ues to insist that control
remain with its existing own¬
ers, Toronto’s Reichmann
family. *

The new proposals, which
are still being discussed with
key creditors, were contained
in a progress report to the
Ontario court of justice.

Separately, a group of Cana¬
dian banks applied to the court
to terminate interest rate
swaps with O&Y. The banks
argued that the value of the
swaps, which are considered
an asset, is declining as inter¬
est rates £a£L

O&Y, however, maintains
that it requires the instru¬
ments to protect It against
adverse interest rate move¬
ments.

Telephone union
to enlarge 2.9%
stake in Telmex

By Damian Fraser
in Mexico City

THE HEAD of Mexico’s union
of telephone workers has
denied reports his group
planned to sell its stake in Tel¬
mex, the Mexican telephone
utility. Mr Francisco Hernan¬
dez Juarez said yesterday the
union would instead enlarge
its 23 per cent holding.

“In the next two months we
will be seeking to buy an addi¬
tional 2 per cent of the com¬
pany, and are looking for cred¬
its to make the purchase,” he
said.

Telmex shares have fallen
sharply over the past week on
the rumours.

• Banacci, which owns
Mexico's largest bank, appears
ready to make a planned new
equity offering.

In its submission, O&Y reit¬
erated the importance of
remaining a going concern. It
warned that Immediate liquida¬
tion would result in "signifi¬
cant losses to virtually all
groups of creditors'*. It also
said common management of
its properties “serves to
increase asset values in the

The latest restructuring pro¬
posals call for loans to be cat¬
egorised as either convertible
debt or nan-convertible debt
At the end of the five-year
standstill period, convertible
debt-holders would have the
option of exchanging their
claims into common shares.

The company also promised
to draw up annual 12 -month
and 24-month business plans to
be approved by an operating
committee representing the
creditors.

It proposed liquidating mar¬
ketable securities on an
orderly basis, except for cer¬
tain core holdings. Including
its stakes in Gulf Canada
Resources, newsprint-maker
Abitlbi-Price, and property
developer Trizec.

Meanwhile, O&Y's informa¬
tion officer filed his first
monthly report on the ailing

developer’s financial condition
yesterday, and promised
m onthly briefings to the com¬
pany’s far-flung creditors.

The report, compiled by Mr
Bernard Wilson, a partner at
Price Waterhouse, will be
m«dp available only to O&Y’s
creditors and other outsiders
this morning.

The reports stem from credi¬
tors’ efforts to obtain more
detailed information since
O&Y filed for bankruptcy pro¬
tection for its Canadian assets
on May 14. O&Y handed con¬
trol of the Canary Wharf proj¬
ect In London’s Docklands bo
administrators two weeks
later, but Its US buildings
remain outside the court
orders.

The court order covers about
two-thirds of . O&Y’s C$13-5bn
debt Creditors affected by the
Canadian order, including 91
banks and many holders of
publicly-traded securities, have
been divided into six commit¬
tees to facilitate negotiations
on the restructuring plan
which O&Y is now compiling.

Mr Wilson said a FW corpo¬
rate finance team was also
working with O&Y and the
creditors “in a pro-active man¬
ner” on the restructuring plan.

Foschini at R169m
pre-tax for 15 months

By Philip GawRh
in Johannesburg

FOSCHINI, the South African
clothing, jewellery and accesso¬
ries retailer, yesterday
reported taxable profits of
Rl68.9m ($46.9m) for the 15
months to March on turnover
of R1.15bn.

This compares with pro-tax
profits of Rl4&9m on turnover
of R822m for the previous 12
months. Annualised figures for
the 15 months are not strictly
comparable because they
include two calendar first quar¬
ters, traditionally periods of
low profit

Net income for the 15
months came to R92.9m
against R73.4m for the 12
months. The figure includes a
first-time dividend and attrib¬
utable retained income from

Foschini's 35il per cent holding
in Oceana Investment Corpora¬
tion of South Africa. Oceana
holds 34.4 per cent of Etam, the
UK fashion retailer which it
fauna to take over last August

Earnings per share were
216.2 cents for the 15 months,
compared with 18L2 cents for
the previous year. A scrip divi¬
dend of one new share for
every 83 held has been
declared.

Mr Stanley Lewis, chairman,
said

profits, which compare favour¬
ably with Its main competitors,
reflected Foschini’s strategy of
catering to the broad middle
market where disposable
Income was Increasing.

The current year had started
satisfactorily and he was confi¬
dent progress would be main¬
tained

National
Semi has
strong final
quarter

By Meftfn Dickson
In New York

NATIONAL Semiconductor,
the Silicon valley chip manu¬
facturer which has been
restructuring itself; yesterday
reported sharply higher
fourth-quarter net earnings of
$S7.5iii, up foam $5.6m a year
ago.

Mr Gilbert Amelio, president
and. chief executive, said the
figures represented “the best
profit performance for semi¬
conductor operations in any
quarter in the past five years”.

Saks totalled $49L5m, com¬
pared with 1444.9m. and earn¬
ings per share worked through
at 22 cents, against 3 cents.

The quarter included 14
weeks rather than the normal
13. Mr Amello said that taking
this into account, sales and
earnings still increased In the
fourth quarter, both year to
year and compared with the
third quarter.

Gross margins achieved the
company's goal of 30 per cent,
due mainly to cost reductions
from the restructuring pro¬
gramme.

The results were also helped
by an $llm after-tax gain from
potent licensing foes.

The company said business
conditions during the quarter
showed strong seasonal
improvement, with worldwide
bootings up substantially over
the third quarter and over the
previous year’s fourth quarter.

Computer peripheral book¬
ings continued to improve and
automotive orders showed
strong gains over 199l's
unusually low levels.

National Semi said that it
expected economic trends to
improve uHgtitly hi the' Wimhig
fiscal year, “but not enough to
offset the normal seasonal pat¬
terns In bookings and ship¬
ments". It had entered the cur¬
rent quarter with an improved
backlog and had not yet seen
the normal summer seasonal
slowdown.

For the foil year, the com¬
pany reported a net loss of
$120.im, or $1.24 a share, on
sales of fl.TZbh This compared
with a loss of $15l.4m, or
$1.56, on sales of $I.7bn in
1991.

Ford, Chrysler ‘lowest cost’ makers

By Martin Dickson

FORD MOTOR and Chrysler of
the US - have become the
world's lowest-cost car manu¬
facturers, helped by the fact
that American vehicle parts
manufacturers have a 27 per
cent cost advantage over Japa¬
nese rivals, claims a US study
released yesterday.

The report, by the indepen¬
dent Washington-based Eco¬
nomic Policy Institute, could
prove controversial.

US analysts agree that Ford
and Chrysler have made great
advantages over the past few
years to narrow the production
coat gap with Japanese rivals,
but many believe the Japanese,
and Toyota in particular, still
have a significant edge.

The study, carried put with
the help of the highly-regarded
Office for the Study of Automo¬

tive Transport at the Univer¬
sity of Michigan, estimates
that the direct cost of produc¬
ing a small car is $5,415 at
Ford, $5,841 at Chrysler and
$8216 at Toyota.

However, the severe prob¬
lems facing General Motors,
the largest US manufacturer,
are underlined by'the finding
that it requires $7,205 to pro¬
duce a small car.

The report said one reason
for this was that GM relied on
outside parts suppliers - more
efficient than in-house subsid¬
iaries - for only 30 per cent of
its-supplies, compared with 50
per cent for Ford and 70 per
cent for Chrysler.

GM, which also lags the
other two companies in utilisa¬
tion of its factories, is in the
throes of a huge restructuring
which involves both plant clo¬
sures and a rationalisation of

its parte, supply network to
slash costs.

Other analysts said a weak¬
ness of this kind of study was
that it' made comparisons in
terms of currencies, which can
fluctuate widely over time.

The figures showing Ford
and Chrysler on top also
assume that all factories work
at full capacity, and they do
not include pension and
healthcare costs, and differ¬
ences in costs of capital
between the two countries.

The study estimates that US
plants ran last year at 62 per
cent of capacity, compared
with 95 per cent for Japan,
adding $800 to $1,500 to
Detroit’s costs per car. It also
faced a $600 disadvantage
because of the high US cost of
pension and healthcare bene¬
fits.

When these factors were

Ashland Oil warns of reverse

By Karen Zagor in New York

ASHLAND Oil. the
Kentucky-based diversified
energy company, yesterday
predicted a significant drop in
third-quarter earning s.

It added that it would sell
assets valued between $200m to
5250m to compensate for the
shortfall in net Income, given
its large capital spending
requirements for petroleum
refineries.

Ashland, which had net
income of $76m, or $1.19 a
share, in the 1991 third quar¬
ter, blamed declining refinery

marg ins anH the cost of meet¬
ing increased environmental
regulations for the disappoint¬
ing outlook.

Mr John Hall, oh aiTrnaw and
p-hief executive, said: “Without
a marked improvement in refi¬
nery margins over the balance
of our fiscal year, we will be
unable to achieve last year’s
results for either our fiscal
fourth quarter or the year.

u We believe it is prudent to
sell some assets In order to
maintain our financial flexibil¬
ity during this difficult period
in the industry,” he added.

“We have attempted to select

assets that are currently pro¬
viding us with a relatively low
rate of return.”

Ashland is considering sell¬
ing its SuperAmerica petrol
and convenience stores in Flo¬
rida and its Arizona highway
construction subsidiary. Some
smaller assets and parts of

ff fhur ly ing!piay aim be

put on the block. The proceeds
will be used to Cut debt.

Ashland has retained First
Boston to advise It on the dis¬
positions.

On Wall Street, shares in
Ashland eased $% to $27tt at
midday yesterday.

Woolworth steps up European drive

By Karan Zagor

WOOLWORTH, the large US
retell group, said yesterday it
would accelerate its plans to
expand in Europe by opening
at least 890 Foot Locker ath¬
letic footwear and apparel
stores in the next eight years.

The company, whose busi¬
nesses range from general mer¬
chandise stores to specialty
chains, has 110 Foot Locker
stores In seven European coun¬
tries, including Belgium.
England and Germany. It said
it expected to open about 60
new stores by the mid of this
year.

Woolworth had planned for
about 1,000 Foot Locker stores
in Europe in the next 10 to 15
years. The company has esti¬
mated that these could bring in
up to $ 2 ba in annual sales.

Speaking at a shareholders’
meeting in North Carolina Mr
Harold Sells, chairman and
chief executive, said conditions
in the athletic footwear market
in Europe were similar to the
North American market about
15 years ago. Between 1983 and
1990, Foot Locker sales quadru¬
pled to $l.5bn, although the
rate of growth has slowed
since then.

As the US athletic shoe mar¬

ket nears saturation, expan- j
sion into untapped markets
overseas has long seemed the I
logical next step. Mr Sells said
Foot Locker might also expand
Into the former eastern bloc
countries and the Pacific Rim.

Woolworth’s strength as a
specialty athletic shoe retailer
has been hi marked contrast to.
the recent performance of its
more general retailing
operations.

At the beginning of this year;
Woolworth said it would over¬
haul its operations by selling
or re-deploying 900 poorly-
performing stores and elimi¬
nating 10,000 jobs.

taken into account, Toyota
became the lowest-cost pro¬
ducer, with Ford slipping to
second place.

Mr Clyde Prestowta, presi¬
dent of the policy institute add
a critic of Japan’s trading prac¬
tices, argued that Detroit^ sur¬
vival was still threatened by
factors beyond its control ana
he called for action by Wash¬
ington to support the industry,
fqfiurffng easing its welfare
benefits burden.

The study will be regarded
as helpful ammunition by the
auto parts industry in its cam¬
paign to sell more to Japanese
assemblers.

The US industry has long
argued that it is more efficient
than Japanese rivals, but has
been kept out of assemblers
plants by the keireisu system
of inter-loclring Japanese cor¬
porate ownership.

Public offer
considered in
UPI rescue

MR LEON Charney, a former
adviser to the Carter adminis¬
tration who may launch a bid
for United Press International,
said he was considering a plan
to revive the ailing news ser¬
vice through public offerings
to subscribers and correspon¬
dents, AP-DJ reports. Under
the pi«n, UPI would become a
cooperative.

Mr Charney, who recently
provided $180,000 to keep UPI
operating until June 22, yester¬
day met in Amsterdam with a
representative of the National
Postal Lottery, which may
pump as much as $3 .5m into
UPI under a proposed rescue
plan. The foundation raises
money through lottery sales.

The Dutch foundation's
efforts are being led by Mr Bob
Goldner, a former UPI execu¬
tive, and Mr Julian Isherwood,
a UPI Journalist based in
Copenhagen.

It expects a restructured UPI
to expand coverage of environ¬
mental and Third World Issues.

Mr Charney said an invest¬
ment by the Dutch foundation,
if it materialised, would pro¬
vide funds to keep the news
wire running for an extended
period while detailed plans for
a public offering could be
worked out

This announcement appears as a mailer of record only.

PEFROLEOS MEXICANOS

(A Decentralised Public Agency of the United Mexican States)

FF 500,000,000
10 3 A% Notes due 1994

Issue Price 99.85 %

James Hardie industries Limited

A.CJL 000 009 263

James Hardie - Australia, New Zealand, USA - a leader in building products,

systems and services.

Ye ar to

31 March 1992

Year to

31 March 1991

Sales revenue

$A million

1.32&8

1,265.9

+4.6%

Earnings before interest and tax (EBIT)

$A million

■ 32A

109.0

-15.3%

Profit after tax and minorities

$A million

55.7

71.6

-22.2%

Abnormal items net of tax and minorities

$A million

(49-8)

-

Earnings per share (before abnormal)

cents

15.7

21.0

Dividends per share

cents

12.0

17.0

- EBIT for six months to 31 March 1992 up 28 per cent on previous six months.

- Abnormal write-offs reflect review of investment portfoRo and non-current assets, including Fibre Cement
USA.

- Sales steady in core businesses maintained with larger shares of shrinking markets.

- Balance sheet strengthened and gearing reduced to 26% from 46%.

• Continued investment in R & D and equipment and technology.

• Exports up 38 per cent to $77 milKon and increasing.

Fbr further Information contact: The Company Secretary,

James Hardie Industries Limited, 65 York Street, Sydney, NSW, 2000, Australia.
Phone (02)2905333 Fax: (02) 262 4394

BANQUE PARIBAS

BANCO CENTRAL HISPANO

BANCO ESPANOL DE CREDITO—BANESTO
BANCO SANTANDER DE NEGOCIOS
CREDIT COMMERCIAL DE FRANCE

CREDIT SUISSE FIRST BOSTON FRANCE
DEUTSCHE BANK FRANCE SNC

MERRILL LYNCH INTERNATIONAL LIMITED
J.P. MORGAN & CIE. S.A.

OBSA INTERNATIONAL, INC.

SOCIETE GENERALE

SWISS BANK CORPORATION

Financial Times
Annual Report Service

On 23 / 24 / 25 / 26 June, the Financial 1111165 will publish its Annual
Report Service.

Over the 4 days the annual reports of 80 leading companies will be promoted in
the feature. As a See service, FT readers will be invited to request copies.

Don't forget to order your daily copy of the Financial Times to take advan¬
tage of this service.

FINANCIAL TIMES

EUROPE'S BUSINESS NEWSPAPER

SAKURABANK
(LUXEMBOURG) S.A.

Now»aherebyp*eoihu,m /
accordance wiib Coodidao J ^ 2 } of
theTmnanJCondjtnnsrtbe-
abovc-capticncd Bonds trill be
redeemed at thorprindp*! wnotint.
on July 10,1992.

Frankfurt am June, 1992

By: ^ - SAKURABANK

financial times Friday june 19 1992

21

INTERNATIONAL COMPANIES AND CAPITAL MARKETS

Top Japanese brokers
expect return to profits

Bjr Robwt Thomson in Tokyo

JAPAN’S leading tour, brokers-
reported, generally lower prof¬
its.. from.. their overseas
operations. last year, adding to
the braises they suffered on
the-Takyo stock market
•. While Nomura Securities
. was the only one of the quartet
to report a_ consolidated after¬
tax profit last year, all four
brokers optimistically aspect a
return to- profits this year, in
spite of the continuing market
weakness. .

Dalwa . Securities, which
reported stronger overseas
. earnings, and Nlkko Securities
both managed to. report consol¬
idated pre-tax profits. Yara-
alcbi Securities reported both
before and after-tax losses for

the year to the end of March.

- Nomura, the largest Japa¬
nese broker, said the combined
pre-tax profit of its overseas
subsidiaries fell 69 J per cent to
T8.8bn ($69.29m), leaving a
group profit of Y46-2bn, down
81.2 per cent.

However, the company, as it
did for parent profits, predicted
a turn round for -the coming
year, forecasting a 41 per cent
increase in consolidated profit
to Y65bn.

In explaining its 58.4 per cent
increase in the earnings at
overseas subsidiaries, Daiwa
said .it had done well in US
Treasury bonds and in mort¬
gage-backed securities. Bat the
group was still dominated by
the parent's problems at home
and reported an 84 per cent

plunge in pre-tax profit to

TOtflm.

Nlkko reported a 20.5 per
cent foil in the earnings of its
overseas subsidiaries and an
89.3 per cent foil in group pre¬
tax profit to Y8.6bn, while
Yamaichi announced a 4.6 per
cent decline in overseas subsid¬
iaries' profit and a loss of
Y30^bn, compared with a pre¬
tax profit of Y71.6bn in the pre¬
vious year.

Each of the brokers hoped
for a revival of the Tokyo mar¬
ket to produce an upturn in
profits this year, but the con¬
tinuing weakness of the Nikkei
average and low turnover is
likely to have left them with
far worse than expected results
for the first quarter, ending
this month.

Electricorp static at NZ$407m

By Terry Hall In Wellington

ELECTRICORP,. the New
Zealand state-owned enterprise
embroiled in controversy over
a crisis in national electricity
supplies, yesterday announced
net profits of NZ$407m
(US$226. lm) for the year to
March .31 compared with
N2$404m a year earlier.

. U warned that profits' could
drop to $250m in the current
year as it is being forced to
maximise the use of expensive
coal and oil-powered thermal
stations due to near-drought
conditions in. the \ South
Island’s lakes used to supply 60
per cent of the country’s elec¬
tricity.

Critics say Electricorp foiled

to conserve lake levels in the
hope that rains Wild come, a
point the corporation disputes
strongly.

Electricorp yesterday signed
an agreement under which it
will pay Comalco, the Austra¬
lian aluminium producer,
NZSKhn to close one-third of
the capacity at its Bluff alu¬
minium smelter. The deal will
allow 170MW of power to be
diverted for use elsewhere in
New Zealand. Comalco and its
Sumitomo owners say the par¬
tial closure will cost it more
than NZ$20m.

There is widespread concern
in New Zealand at the effect of
■ the electricity shortage on
industry which is working
hard .to conserve power. How¬

ever, Mr Jim Bolger, prime
minister, has ruled out accept¬
ing an official's recommenda¬
tion that industry go on a four-
day working week.

Announcing the latest result
Mr John Ferny ho ugh, Electri¬
corp chairman, said the rate of
return on shareholders' funds
of 12 per cent was lower than
the VL2 per cent of 1990-91 and
was due to delaying power
increases and the higher than
anticipated fuel costs from
December to March due to low
hydro-storage levels.

He said extra costs faced by
Electricorp this year would be
at least $150m because of the
crisis. But he said forecasting
profits was difficult due to the
hydroelectricity problem.

Sydney exchange may join Globex

THE Sydney Futures Exchang e
is in advanced talks to link It
with the Globex after-hours -
electronic futures and options
exchange, Reuter reports.

Mr Gary Gin ter, managing,
director of Globex. said: It’s
down to. the final strokes of a .
draft [letter of intent]."

-However, .. the. . Sydney
exchange is unlikely to play an
active role In Globex trading
until around nud-1994, because-

the optic fibre line used for
transmissions is not due to be
laid across the Pacific until
then.

. Globex t a joint venture
between the Chicago Mercan¬
tile Exchange and the Chicago
Board of Trade, developed with
Reuters - is in advanced talks
with three. different sets of
potential member-exchanges,
including Sydney and four
exchanges in New . York, Mr

Ginter said. The four
exchanges are the New York
Futures Exchange, the Cotton
Exchange, the Coffee, Sugar
and Cocoa Exchange, and the
Commodity Exchange.

Fairly advanced talks are
taking place with an exchange
in Europe, which he declined
to name, 'hie Marche k Terme
International de France (Matif)
has signed as a member and
will go live in early 1993.

Nippon
Mining dips
into red as
sales fall

By Robert Thomson in Tokyo

NIPPON Mining, the Japanese
petroleum refiner and copper
company, reported a
consolidated pre-tax loss of
Y3.34bn ($26.29m) and

indicated that its acquisition
of Gould, a US computer and
copper company, had been an
unexpected burden.

The loss for the year to
end-March followed a profit of
Y14.9bn in the previous
period, while the after-tax loss
swelled to Yl6^bn, compared
with a profit of Ys.Sbn. Group
sales fell 12.7 per cent to
Yl,052L9bZL

Sales have been falling in
Japan, but the biggest problem
for the Japanese company has
been the Illinois-based Gould,
which it said had a Y24.Sbn
loss because of costs
associated with the
restructuring of the company.

Gould, purchased in 1988,
was intended to be the
centrepiece of Nippon Mining's
expansion of its overseas
operations and its
diversification into
electronics, but those plans
have been compromised by the
prolonged slump in the
computer and semiconductor
markets.

The company admitted that
its electronics-related business
has been weak and that
demand for Gould’s copper
products has also been less
than expected, though it is
confident that the liquidation
of unprofitable businesses will
produce profits this year.

While Nippon Mining’s sales
were likely to have continued
to fall, forecasts for the
current year are distorted by a
merger with Kyodo Oil,
scheduled for December 1.
Taking that merger into
account, the company is
forecasting a pre-tax profit iff
Yl6bn and total sales of
Yl,400bn.

• Mr Minoru Nagaoka. Tokyo
Stock Exchange chairman,
yesterday called on Japanese
companies to raise dividends
and lower the mini mum
trading units of their shares to
entice investors back to the
stock market; Reuter reports.

Japan enacts financial sector reforms

By EmHco Terazono in Tokyo

BARRIERS. between Japan's
banking and securities busi-.
ness are to be lowered follow¬
ing legislative reform yester¬
day allowing banks and
securities houses to enter each
other's businesses.

While banks will not be
allowed to enter broking -
partly because of strong oppo¬
sition from the securities
industry - the legislative
changes symbolise an end to
prolonged debate over finan¬
cial sector reforms.

They come at a tough time

for Japanese financial institu¬
tions, following sharp foils In
the stock and real estate mar¬
kets. '

While banks are considering
establishing securities subsid¬
iaries' specialising in under¬
writing as early as next year,
brokers, facing severe down¬
turn In profits, are unlikely to
have the financial strength to
enter the banking arena.

The reform bills also include
the establishment of a finan¬
cial markets watchdog next
month. It is to be headed by Mr
Toshihiro Mizuhara. superin¬
tendent public prosecutor of

the Nagoya High Public Prose¬
cutor's Office.

The House of Councillors
also passed revisions of the
Loan Business Law, which will
increase the Finance Ministry's
grip on non-bank financial
institutions.

Meanwhile, the Japanese
insurance Industry has
presented an advisory report to
the Finance Ministry pressing
for deregulation Deregulation
of life and non-life insurance
has lagged behind
liberalisation in broking and
securities.

Insurance companies also

want to enter banking and
broking, and are keen to
acquire a share of the lucrative
underwriting business.

The report also recommends
the easing of barriers between
life and non-life industries,
where both parties can sell
accident, illness and nursing
insurances.

Proposals for legislative
changes are expected to be
presented daring the ordinary
session of parliament in 1994.
Although the reforms could be
implemented as early as 1995,
industry officials are sceptical
of an early Implementation.

Taiwan loosens grip on China Steel

A $680m rights issue will leave 76% in state hands, writes Luisetta Mudie

T HE second part or the
partial privatisation of
Taiwan's biggest steel
group gets under way this
month when local investors
have the opportunity to apply
for a $680m issue of shares.

The issue by China Steel
reduces the Taiwan govern¬
ment's stake to 76 per cent It
completes a share disposal pro¬
gramme worth more than jabn
to the government
In May, 5 per cent of the
company was sold to foreign
investors in the form of Global
Depository Receipts (GDRs).

Other local companies are
eager to issue GDRs. President,
the privately-owned food
group, hopes to sell 3100m of
GDRs soon. Asia Cement and
Chlah Hsin Cement have also
submitted applications.

China Steel, Taiwan's only

integrated steel mill, was
founded in 197L It grew, with
US help, into a vast sprawling
plant worth $5bn and capable
of competing in the Japanese
market

Despite the worldwide drop
in steel prices, it managed to
maintain net margins at 17.4
per cent in 1991. China Steel
dominates the local market
with a 60 per cent share. It will
continue to concentrate on
domestic business as demand
continues to rise.

The government will retain a
controlling stake for at least
four years. Privatisation will
eventually free China Steel
from the onerous process of
obtaining parliamentary
approval for all big derisions,
and bringing hew flexibility to
financial, personnel and bud¬
get management

Last month, legislators pres¬
sured the government into for¬
bidding China Steel from
investing in Taiwan Aerospace,
saying the move was too far
from the corporation's core
business to be justified.
Taiwan Aerospace was to have
invested up to $2bn in McDon¬
nell Douglas, the US aircraft-
maker, but it is now doubtful
whether the deal will go ahead
in its original form.

C hina Steel is also
exploring a joint ven¬
ture with the Austra¬
lian steel company BHP to pro¬
duce coking coal and iron ore,
essential raw materials for
steel-making.

A planned joint venture to
build two new blast furnaces in
Malaysia has been shelved
indefinitely owing to a lack of

government incentives. How¬
ever, China Steel says it
remains open to negotiations
with the Lion Group, its pro¬
posed partner.

A fourth blast furnace is
planned for the Kaohsiung site,
and the company will be
expanding its rod and bar pro¬
duction capacity, as well as
extending its range of
value-added products, such as
stainless steeL Mainland China
might be also be considered as
a location for farther expan¬
sion.

China Steel is already
looking ahead to the next
share issue. "Maybe if this goes
well the government will push
out another 20 per cent From
there it would be a small step
to moving to a 49 per cent
minority government stake,"
the company said.

Bahrain SE to expand

BAHRAIN’S stock exchange
hopes to begin listing foreign
companies during' the second
half of 1992 as part of ground¬
breaking plans to boost share
trading on the Gulf bourse,
Reuter reports from Manama.

Mr Fawzi Behzad, head of
the stock exchange, said the
board was studying detailed
regulations for the move,
which was planned initially for
January.

“I think now we are ready,
and I hope before this year
ends we wiJJ, see it happen.”

He said "Officials were also

preparing a system which
would allow foreign and local
debt securities to be traded on
the Bahrain exchange, which
has 30 listed companies and
paid-up capital of about $2.4bn.

Mr Behzad hopes the move
will encourage Bahraini com¬
panies to begin issuing debt
instruments to raise capitaL

Rahraini officials were also
studying proposals - already
approved - for the creation of
mutual trust funds, which
would indirectly allow foreign¬
ers to trade in stock of local
companies, he said.

S Korean banking move

SOUTH KOREA Is to allow the
creation Of joint-venture mer¬
chant banks with foreign part¬
ners for the first time in 13
years, AF-DJ reports from
Seoul.

The Ministry of Finance said
up to three merchant banks
would be set up this year to
"accelerate the deregulation of
the flnanrial industry".

It said each of the new mer¬
chant banks would be capital¬
ised at $38.5m. Domestic finan¬
cial institutions, mostly banks
and insurance firms, must owq
more than 50 per cent of the

joint ventures, it said.

Foreign financial Institutions
win be able to make an equity
participation of between 10 and
just less than 50 per cent

The ministry said It would
give preference to applicants
wishing to help small and
medium-sized companies move
their plants to China, eastern
Europe and the former Soviet
Union.

According to reports, several
conglomerates, including Sam¬
sung and Lucky-Golds tar, have
sought to set up merchant
banks with foreign banks.

June 1992

This Announcement Appears as a Matter of Record Only

LBG CO.

a majority-owned affiliate of

Vallaroche Investissement

a wholly owned subsidiary of

sneema

. Was acquired rite stock of

SPECO CORPORATION

Springfield, Ohio

The undersigned acred as advisor to SNECMA

DGA International, Inc.

Washington, D.C.

Taiwan Power Company

(incorporated wtti limited Sabifity in Taiwan, Republic erf China}

US$100,000,000

Floating Rate Notes Due 1992

Holders of Floating Rate Notes of the above issue are
hereby notified that for tire next interest period from June
22 ,1992 to December 22,1992 the following information
feretevant

1. Applicable

interest rate; 5.25% per annum

2 . interest payable on next Interest

payment data; US$266.88

per US$10,000.00 nominal or
US$6,671.88

per US$250,000,000 nominal

3. Next interest
payment date:

Reference Agent

‘BA Asia Limited

December22,1992

Perot & the Markets - Boom or Crash?

?,-cd C!I about it m FuH&Money. pI-j: Tcr.-cc.to lot

inch-:, bonds

Fcrquri^ricn ;cr a :cmp : o uo

PRIVATISATION IN
EASTERN EUROPE

The FT proposes to pub¬
lish this survey on
July 3 1992.

The first ever FT survey
on this subject will be
published in the FT of
that day and will be
printed in London,
Frankfurt, Roubaix, New
Jersey and Tokyo. It will
be distributed in 160
countries world-wide.

For Turther information
about advertising in this
survey please contact,
Patricia Surridgc in Lon¬
don

Tel: (071) 873 3425
• Fax; (071) 873 3428

Gerd Rozter in Vienna

Tel: (l) 505 31 84

Fax: (1) 505 31 76
Nina Kowalewska in
Warsaw

Tel: (22) 48 97 87

Fax: (22) 48 97 87
Nina Golovyateulto in
Moscow

Tel (095) 243 19 57

Fax (095) 251 24 57

FT SURVEYS

3

Banco Central de Venezuela

U.S. $281,677,500

Floating Rate Bonds due 2005
USD New Money Series B-NP

Banco Central de Venezuela

U.S. $282,265,000

Floating Rate Bonds due 2005
USD New Money Series B-P

m acoonbnnwtetopiwtalmaltiw Bonds. noUca a hereby {fw*i Out tor Ow Mere*
Period from June 18.1982 to Dewmtoer W. 1992 toe Bonds «■ cany an Merest Rate at
5% per annum. Uw Mansi payable on tea rate*** Meres peymert dote. December
18, WS2 be US. S25.42 per L/.S SI.OOO prUdpaJ wnounc
By: TtoChme Manhattan Bank, MA.

AgentBenk CHASE

June 19.1992 WW

The Republic of Venezuela

U.S. $395,931,500

Floating Rate Bonds due 2005
USD New Money Series A

In acconteuewNfi the pmvtatansof the Banda, notice Ea heteay B*w trial far toe Merest
Pariod tram June 18,1B92 to DewmberlB, 1992 be Bonds id cany an Merest Rat* oJ
per unman. The Merest payable on the retewnt Wared payment date. Decanter
18 , 1992 uN bo U-S. S28 jQ 5 per U.S. 81,000 principal amount.

By. The Chne Manhattan Bank, NJL
Agent Benk

CHASE

Jm 19.1992

The Republic of Venezuela

U.S. $5,153,860,000

Floating Rate Bonds due 2007
USD Debt Conversion Series DL
inaccordance win thapiMWcraoftoe Bonds, noticeis hereby given tank*the (mental
Period tram June 18, MB to December IB, 1992toe Bonds wM carry an Interest Rata of
5% par annum. The interest payable on tha relawnl Wore* payment daw.Decwitor
18.1992«A t» LLS. S2B M per US. SI ,000 print** amount

By: The etwee Manhattan Bonk, HA.

Agent Bank

CHASE

JonalB.1902

KLOOF GOLD MINING COMPANY LIMITED

ptaoon

(BegtstraBor No.64/04462/06)

UBANON GOLD MINING COMPANY LIMITED

fl SxnanT)

(R a gfasattonNa 05/08381/OB)

VENTERSPOST GOLD MINING COMPANY LIMITED

pfentereposT)

(Ftegtatnaion No- 05/D5632/06)
(Mco mpa rlBsk Kxxp arB l ritn the Repubk: a/South Africa)

JOINT CAUTIONARY ANNOUNCEMENT

Shareholders of Wool. Libanon and Vanterspost are advised that
negotiations are in progress reganflng the posstole integration of the
operations of these companies which, If successfully concluded, may
have an impact on ifta prices of tha companies' sharea
Shareholders are foerefoie advised to oerclse caution in their share

Afuriherannourvten^wlbemacfelnduacoursa.

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75 Fax Strew . (

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2001

Lendon Secretaries
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Fonda Street
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IffiMBEBSOF THE GOLD FIELDS GROUP

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FINANCIAL TIMES FRIDAY JUNE 19 1992

INTERNATIONAL CAPITAL MARKETS

Italian seesaw continues as fears of devaluation persist

By Richard Waters in London
and Patrick Harveraon
in New York

ITALIAN government bond
prices leapt and then plummet'
tod yesterday in a second day
of highly-volatile trading as the
Bank of Italy failed to lift the
spectre ofdevaluation from the
market -

GOVERNMENT ~
BONDS _

Bond prices opened lower on
continuing Chars about the out¬
come of the Irish referendum
on the Maastricht agreement
but jumped later In the morn¬
ing as Mr Giuliano Amato was
asked to form a government,
raising some hopes that Italy
will finally tackle its constitu¬
tional crisis.

The market took further
heart from reports that the
Finance' Ministry is consider¬
ing abolishing the 125 per cent
withholding tax paid by for¬
eigners on government bonds.
“We’ve heard before that

CBOE seeks
listing for S&P
quarterly options

By Barbara Durr In Chicago

CHICAGO Board Options I
Exchange is seeking approval j
to list options on the Standard
& Poors 100 and 600 Indices
that expire quarterly. The
CBOE already trades S&P 100
and 500 options, bat these
expire monthly.

The exchange believes that
quarterly expirations for these
heavily-traded products would
help accommodate institu¬
tional investors whose perfor¬
mance is judged on a quarterly
and yearly basis. Mr Duke
Chapman, CBOE chairman,
said the move was w in
response to customer needs”,

The products, referred to as
Quarterly Index Expirations,
or QIXs, in the filing, would
have similar terms to the cor¬
responding regular index
options. This means the S&P
100 QIXs would have Ameri¬
can style exercise, while the
S&P 500 QIXs would have
European exercise.

The exchange Intends to list
the new options for as many as
eight quarters.

they’re thinking about this."
said one sceptical observer.
“They don't yet have a trea¬
sury minister, and when they
do, he will have more urgent
things to think about than
withholding' tax.”

The market's confident mood
did not last A sharp rise in the
rate paid at the morning repur¬
chase auction (the minimum
rate was 1L8 per cent up from
14^ per cent yesterday) sent a
strong signal of the Bank of
Italy’s intention of protecting
the lira. But that didn't stop
the currency falling back later,
raising fears that the authori¬
ties will be forced over the
weekend to raise the discount
rate.

The sharp price movements
were reflected In the futures
contract on Liffe. Having
opened at 95.46, the contract
leapt to 95.71 before sliding
down to 94.98. It ended the day
back at around 95.28.

■ LONGER-dated UK govern¬
ment bonds fell slightly as the
market trod water, waiting for
the result today of the Irish

vote on the Maastricht agree¬
ment

Early rumours that the Irish
had followed the Danes in vot¬
ing 'no' were largely disre¬
garded, but did not help the
mood - particularly as the gilt
market is already waiting ner¬
vously on next week's £2.75bn
gflts auction.

Against that background,
mildly encouraging earnings
data (average earnings rose by
7 per cent in the year to April,
down from 7.5 per cent in
March) failed to lift the mar¬
ket’s spirits. The 9 per cent
bonds due 2011 lost K of a
point to 9S& a yield of 9.03 per
cent, although shorter-dated
gUts held steady.

■ US monthly trade deficit and
weekly jobless claims data that
was mildly bullish for Trea¬
sury markets gave a modest ■
boost to bond prices yesterday
morning.

By midday, the ben chmark
39-year government bond was
up £ at 1012& yielding 7.795 per
cent. The two-year note was
also firmer at midsession, up

MOB, to carry a yield of 4585
per cent

Investors reacted positively
to the news that the trade gap
widened to $657bn in April,
with exports falling and
Imports rising only slightly,
due primarily to higher oil
prices.

The figures, along with the
much smaller-than-expected
2,000 decline in jobless claims
for the first week of June, con¬
firmed that the economy is
recovering only slowly.

Treasury prices were also
said to have been supported by
expectations of a “flight to
quality” by equity investors -
scared away freon stocks by the
steady recent decline in share

BENCHMARK GOVERNMENT BONDS

AUSTRALIA
BELGIUM ~
CANADA *
DENMARK ~

FRANCE STAN
OAT

GEHMAWV ~
ITALY

JAPAN No US
_ No 128

NETHERLANDS
SPAIN
UK GILTS

US TREASURY*'"”"

Red

Coupon Pete PHe»

Kudo loro mssn

9.000 OWN 100.4000*
&50Q <HA>2 102.4000

aooo n«» M-isoo

aaoo aw stmsi

eJSOO 11/02 87.8800

а. ooo oi/oa too.isoo

18.000 05KB 95.1800

4800 OUH 95JMS5

б. 400 03/00 10&SS31

aaso oama oa.non

Tiaoo 0002 88.0280"

10.000 11/BB 102-38

9.750 . 06/02 103-25

ftflOP lavs 98-18

7.BOO 05/02 102-05

MOP \\&\ 102-08

1L50b 03/02 97.0300

9.750 .06/02
84100 1008

■ THE continuing collapse in
Tokyo share prices helped to
fuel expectations of a more
relaxed monetary stance from
the Bank of Japan, prompting
buying of short-dated paper in
particular.

Mr Yasuchi M^m o. Bank of
Japan governor, had continued
to stress on Wednesday that

US TREASURY * 7J500 05/02 102-05

_ aOOO lUSt 10248

ECU (French Govt} 8J00 03/02 97.0300

London doting. “New York morning Motion
t Grogs annual yield (tnduamg withhofeUna tax at
dsma.)

prices: US. UK In 32nda. Others In decimal

WMk Month
Change YMrf ago ago
»Q.9S0 9SI B.94 9,07

- _ ate a-90 a.79

■0300 s.14 8.43

>0-133 9.13 &M 8.73

-0-384 a oa ate a n

■0.410 a 78 a?* am

•0.040 7.96 7.91 7,96

-0.340 iaaet m? izm

+0.146 £61 5.72 5.4 1

1-0.138 5,39 5.47 5.47

-aroo 8^8 3-37 fi-31

-0-32S ll.g 11.51 Iftte

+ 1/32 9.18 923 8.15

■«32 9.17 9.14 9-04

-c/32 ago , a os aai

+■6/32 7.19 7.32 7.23

■*■1002 7.90 7£7 7.79

+0.120 8S6 895 8-59

Yields: Local marten standard
t 185 per cant payable by non-res*-

TteMeal Osm/ATLAS Pries Sourcm

there would be no change in
the authorities’ stance: but the
damage done by falling share
prices on the banking system
and hence the supply of credit
left many convinced Mr Mieno
would have no choice but to

Asian Bank launches $500m Eurodollar deal

By Simon London

THE Asian Development Bank
yesterday launched its first
Eurodollar bond issue for four
years, raising (500m 10-year
funding in a deal lead-managed
by Goldman Sachs.

The 714 per cent bonds were
re-offered to investors at a
fixed price of 99.492, where the
yield was 27 basis points more
than US Treasury bonds of the
same maturity.

INTERNATIONAL

BONDS

Most participants in the deal
commented that the pricing
was aggressive. On Monday,
OKB, the Austrian
state-backed financial
institution which is one of the
most admired names in the
Euromarket, launched 10-year
paper on a yield spread of 26
basis points.

Eurodollar yield spreads
have generally widened this
week as institutional investors
liquidated holdings of dollar
bonds as the ITS currency
weakened on the foreign

exchange markets. The OKB
bonds, for example, were
yesterday trading on a
yield spread of around 30
basis points over Treasur¬
ies.

However, despite the tight
pricing and lacklustre market
conditions, the deal sold
quickly. Syndicate officials
reported buying in equal
amounts by institutional
investors in the Asia and
Europe, including central
banks.

“ADB’s absence from the
Eurodollar market gave this
Issue a scarcity value,”
commented one syndicate
official. “Investors are tired of
buying World Bank and EJB
paper."

Like these other
supra-national institutions the
ADB carries a top tripie-A
credit rating. However, the EEB
and World Bank can both sell
bonds at artificially tight
yield spreads because their
securities are exempt from
withholding tax in Italy.

While EZB and World Bank
band issues are supported by a
core of tax-driven Italian
demand, the ABB issue was

_ NEW INTERNATIONAL BOND ISSUES _

Bonowar Amount m, Coupon % Pika Ma t u rity Fee* Book runner

US DOLLARS

Asian Dev.Bank(a)t 500 7h 89.482 2002 Q.32S/0-2 Goldman Sacha

Carfplofctft 150 (C) 98.75 1899 20/10 Nomura lull

Dahwa IrrtjgUMCgnteriKflt _78_ 7»a 100 2002 2/iV PajwaBanft _

CANADIAN DOLLARS

G6CC(b)t _100_ S 101.575 1997 1 yi^a Kidder Peabody Inti. _

GUILDERS

Ajtian Dav.BanklaVt _300_ BH 100J0 2002 1/% ABN Amro _

★★Private placement fConvartlMa. With equity warrant*. {Floating rata note. 15Inal terms, a] Nan-callable, b) Part of Its
global MTN programme. Nan-callable, cj Coupon pays 6 month Ubor plus 25bp. Non-callable, d) Callable at par on coupon
data* iron 30/8/97. If call optton not exorcised the deal will pay a Floating rate note coupon of 6 month Libor plus 85bp.

supported by buying from the
Far East The bands traded at
a yield spread between 26 and
26 basis points through the
day, closing in London in the
middle of this range.

The deal was scheduled to be
launched early next week,
however the'- market is
expecting "-“-additional
Eurodollar issuance. City of
Kobe thought to be the first
borrower in the market ‘

Elsewhere, the ADB also
raised FI 300m 10-year funding
yesterday from an issue lead
managed by- ■ ABN Amro.
Syndicate officials 1 reported a
warm response from European
institutional investors.''

General Electric Capital
Corporation, the funding arm
of the US manufacturer,
became the latest borrower to
make an underwritten bond
issue under the legal
documentation of its medium
term note programme.

The company launched
CSlOOm five-year paper,
underwritten by a syndicate
of banks -led by Kidder
Peabody. The deal carried
traditional Eurobond fees of
l'A per cent. Bankers said that
the only difference between
the issue and a conven¬
tional Eurobond was the
documentation.

• China has issued a set of

rules to govern the public issue
of shares by state industries,
Renter reports from Beijing.

Joint-stock regulations,
drawn up by the State
Planning Commission, are the
first to specify which sections
of China’s massive state sector
will be allowed to turn
to private investors for
money.

The new rules are part of
Beijing's attempt to give more
structure to the “stock market
fever" which is sweeping
China.

Chinese stock markets have
been opened in Shanghai and
Shenzhen, just across the
border from Hong Kong. . -

Rome may exempt
foreigners from
withholding tax

change his official position
soon.

The yield on the benchmark
bond No 129, which closed on
Wednesday with a yield of
5.405 per cent, fall further to
&385 per cent

By Haig Slmonian in Milan

The Italian Treasury is
studying ways of issuing bonds
free of withholding tax for for¬
eign investors, according to a
senior Finance Ministry offi¬
cial

Although the scheme is not
new, the news had an immedi¬
ate effect on the market, which
has been extremely sensitive
recently. Trading in Italian
government bonds has been
highly volatile for the past two
weeks following growing politi¬
cal uncertainties about Italy's
ability to meet the EC’s conver¬
gence criteria for Economic
and Monetary Union.

However, the notion of Issu¬
ing debt free of withholding
tax for foreigners is fraught
with difficulties, and may even
be Impossible. Faying coupons
gross to foreign Investors
would lead to the creation of
two markets for Italian govern¬
ment paper. A German attempt
in the late 1960s to introduce
withholding tax on domestic
government debt proved
short-lived owing to technical

difficulties. Such complexities
would be even greater in the
case of Italy, where interest on
government bonds is paid on
an accrued basis rather than as
a . lump sum on the coupon
date.

The Finance Ministry said
the step was being considered
in view of repayments of with¬
holding tax made to foreign
bondholders in recent months.

The derision to start reim¬
bursements provided a consid¬
erable fillip to the domestic
bond market, which has gained
in appeal for foreign investors
over the past two years thanks
to Italy's relatively high inter¬
est rates and a variety of
reforms which have improved
liquidity and trading practices.

The ministpr said all out¬
standing claims on govern¬
ment paper had now been
repaid. It implied that the size
and number of reimburse¬
ments had triggered the Italian
authorities to look Into ways to
streamline the system farther,
including exempting foreign
investors from withholding tax
altogether.

ADB signals start of
borrowing programme

By Shnon London

AN increasingly ambitious
borrowing programme was
marked yesterday by the Asian
Development Bank.

This year, the ADB hopes to
borrow over $3bn from the cap¬
ital markets. This is expected
to Increase by around J500m a
year over the next few years.
Until fast year, the hunk bor¬
rowed under $lbn annually.

Increased borrowing partly
reflects increased lending to
the developing, nations of
Asia. Demand for loans has
increased with the pace of eco¬
nomic development Loan dis¬
bursements were over S2bn
last year, against just $80Qm in
1986.

The ADB was also able to
fund some lending from excess
liquidity built up during the
mid-1980s, .. «•

Mr Rip Min, assistant trea¬
surer, said excess liquidity
resulted from a change in the
bank's leading terms In 1986
when it moved from making
fixed to mostly variable rate
loans.

The change was designed to
limit the bank’s own refunding
risk, by ensuring that its
return from lending was
always in line with its cost of
funds. Since market risk was
lower, lending margins were
cot

As margins were reduced,
borrowers prepaid outstanding
loans, leaving the ADB with a
substantial over-bang of liquid¬
ity which is only
now back to the pre-1986
level

The ADB currently makes
“hard loans” to development
projects at a margin of 40 basis
points over its cost of fBnds.- ,

MARKET STATISTICS

FT/ISMA INTERNATIONAL BOND SERVICE

RISES AND FALLS YESTERDAY

LIFFE EQUITY OPTIONS

I ora Hn latest litMmoOonal bond* lor wMdi IMte la on adaqutn Mcmdary morkoL

— -- --- - - - Of*-

I

Lotadt prioan M 7ft8 jMfr cm June IB
Chg.

be ml Bid Offer *»

600 94*

600
2800
an

YEH STRAIGHTS
AUSTRIA43/494... ,

CBSMT TOWERS U494, ~Z"V

DENMARK 7 95_ Z ....

0845/894 __.

B«fc ;

Mimjs TEL ITU.57/0%.. .

5MCnanK ___

SWEDEB53/B95_

WORLD BANK 6 3/400..._

99% lt»i*

UOIt m\ +% 5-13
1041, 1051* 9.00

100% 188% 4.46

1014 IdU +% 3.29
1031. 104 +% 5.61

SOT*, 1091, +£ 576

99% 94* 4.96

101% lffi +*, 5.43
100% 100% +i* 5IQ

106% 106% +% 5.66

1*% 101H 532 ’ No MormaDon avidlabta - pwleua day's prteo
UBS 107% +% 538 * Only one nwrM maker supplied a price

Cm.

band artte BM Offer Pran.

IB JJ8 132% 134%

250 86 103% 104% 439.79

300 50.67 100% 101% 40.76

65 1.0554 89% ,90% *U3

500 25875 US'* 103% 49336

£ fiiKiK

64 6.72 81% 02% +35.90

90 5L64 77* 7Si -

M ZKtt 56 60 +3L49 I

100 1283-HXH.-UH% 45.42,
85 39.077 .815 SZj. *JBJA i
200 13010 99% 100% 434.23

200 13010 99% 100% 434.23

90 1 775 124% 129% 44666

300 3606.9 54 5*f 451M i

300 82% 91% «% I

US 7.16 122% 123% 46.42

W8AMWT BONDS; The yfew % Hu yfekj to redynpBon ai Bw bld-prtec n«a amount loaned la la rnOtoas o( cgmmey onfta. Ohg. dqr"> Change an

Dofwmfruneq m AHlan union oOMndae indcaM. Coupon iMW » aMmum. Spread-Mars* above eSHwnm I
^ w *>■“ C.cpn-Tl« egrrew Span.

urtooe MMrwke indkaud. Cm/. edot^KturtioMl wnot/M id bead par atom expnnaed In .
^ u .^! c y y ai . eo, r ,a * tl ! B " ^ «IMW Pram-Prmamaea omnium ot ttw current affcBva price of acgutrtnq'Bharaa via tie bond

war m nwrt recant price ot he oharea.

« T* Financial Times Ltd., 1992. Reproduction in rtnie or In part la any fwro nstptnnKLwi wttbort Witten cooku.

Dau soppiM by mumatltnal Setnrlite Market AphcIaUm.

8rltish Funds.

Other Fixed Interest.

Commercial. Industrf a/..
Financial & Properly....

PlanUUora""”!.'."!!.'!,”!

Mines.....

OtTiev..

Ska

3

Same

50

2

3

12

97

593

751

33

353

409

7

35

44

1

0

8

lb

49

88

16

62

55

173

1,123

1,417

LONDON RECENT ISSUES

EQUITIES

Antra Loot

[Paid Rent_««_

Up Dan High I Low

Qning w Nil TlndbodP/E
Iftte - I Oh IcirrSlnSoKjua

- F.P.

- F.P.

- FP

- FJ>.

75 F.P.

UO F.P.

£10% FJ>.

- F.P.

- F.P.

- F.P.

- fJf.

- FP.

1122 FP

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280 257 UfHtfl* lor T« Units— S7 -10

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AtobnttmmvItoNaaiiiMteortaei. '

TRADITIONAL OPTION 3-month call rates

_ TRADITIONAL OPTIONS _

• First Dealings June 8 Celle in Cray Electa., ibstock

• Last Dealings June 10 Jetuwen, Proteus (ntL, Psion and

• Last Declarations Sept 3 Waw. Puts in KMamazoo. Dou-

• For settlement SepL 14. bias (Puts and cells) In Aran
3-cnondi call rate Indications are Energy and BP.

a/so shown on Oils paga.

■ INDUSTRIALS

P

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37

LadUrotofl_

Allled-Lyans......

48

Comm Union....

34

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Manweb advances to £95m

^ 'v

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ByJulletSychrava

MANWEB, tha Chester-based
regional electricity company,
raised pre-tax profits by 61 per
cent from £S83m to £94.7m in

the year to March 3L

Uke the other regional elec¬
tricity companies,- Manweb
earne d .mo st ot. Its bumper
profit -frum~ price increases In
April 1991, which were excep¬
tionally high to compensate
for -undercharging the year
before.

In addition, Manweb said,
the, comparable profits were
depressed by exceptional costs.
Excluding these effects, profits
would have, increased by only
26' per cent

Earnings per share rose by
60 per cent to 58.7p (36.7p) and
by 71 per cent on the pro forma
figure of 34_3p. The dividend is
raised by id per cent to lSJJSp
for the year, via a final of iow p

aiJSp).

The advance in operating
profit to £93J2m (£56.8m) was
earned in the core distribution
business, which increased Its
contribution by 83 per cent to
£106 jhn.

This was despite a 0.75 per
cent decrease in units of elec¬
tricity sold, as recession
depressed industrial sales.

The company saved £102m
in operating costs, mainly by
shedding 1,000 jobs, or nearly
18 per cent of its workforce.

In the supply business, how¬
ever, an unforeseen £llm
increase in costs gave a loss of.
£5.3m, rather than the £6m
profit the company had. expec¬
ted.

The retail division lost Elm,
about the same as the previous
year, and contracting was also
loss-making.

Manweb’s strong cash flow
paid for capital investment of

more than £ 60 m, slightly down
on the previous year. Gearing
was down from 273 per cent to
133 per cent, and tbe return on
capital was 19.6 per cent on an
historic cost basis.

Continued cost cutting is
expected to save between £3m
and £4m via about 150-200 more
Job losses. Both the supply and
retail businesses are expected
to move into profit, and elec¬
tricity sales are forecast to
grow by about l per cent

• COMMENT

Manweb rather disingenuously
based its demonstration that
its underlying profit growth
was only 26 per cent on actual
tax and interest figures for the
year to March 1991, rather than
the pro forma figures which
should be the basis of an accu¬
rate comparison of the two
years. In fact, underlying
growth is closer to 35 per cent

That said, Manweb’s defence
against the regulator was very
sound, ft has slashed costs dra¬
matically, and has detailed
plans for investment in the
core business - capital expen¬
diture Is due to rise to maybe
£85m next year. The only
worry is that a company with a
reputation for prudence should
have failed - tiniiVe East Mid¬
lands and Norweb - to foresee
the Increase in charges that
pushed the supply business
into loss. The City will be hop¬
ing that it fulfils its hopes of
turning this and the retail
business around next year.

The company has forecast
real dividend growth of 5-7 par
cent in the period to 1995, as
this year's profits were a one-
off. Analysts predict pre-tax
profits of £105m-£ll0m for the
year to March 1993, putting the
company on a prospective p/e
of about 5.L

Brent Walker deeper in loss at £387m

By Maggie Urry

ME" KEN Scobie," chief exec¬
utive of Brent Walker, said
that yesterday’s results were
not as bad in cash terms as
they looked.

Although there was. a pre-tax
loss of £3873m (£122.7m),
£157 3m of the E2353m interest
charge was converted into
term debt The. interest charge
reflected the impact of higher
interest rates imposed by the
banks and a fun year of bor¬
rowings taken on in 1990.

Also the profits- were struck
after provisions for the fell in
value of properties and other
assets of £142L5m (£97.7m).

However, the group has not
written down the value of
£Llbn of property assets which
are being retained for the long
term. These would be worth
“significantly - less if they were
revalued now but tbe directors
do not expect the fell in value
to be permanent

Group sales were 10 per cent
lower at £L58bn and operating
profits were down 55 per emit
to £4&4m.

After tax of £726m (£193m) -‘
there were extraordinary
charges of £l5.8m (£216m)

Ken-Scobie: results not as bad as they looked

relating to businesses being
soli . .

The WUham Hill betting divi¬
sion suffered a fell in sales
from £1.5bn to .£L4bn, which
Mr Scobie. said was a remark¬
ably good performance given
the chain’s bias towards the

south east of England. How¬
ever, a fell in turnover has a
geared effect onoperating prof¬
its, he said, which fell from
£57.1m to £45.4m. William Hill
had had a better start to tbe
current year, he said.

Sales by the public houses

division fell from £139.8m to
£1242m and profits from £20m
to £13.4xn. W ithin that the Pub-
master chain of pubs held its
profits bnt other businesses
weakened.

Mr Scobie said be expected
the chain to total 3,000 pubs by
the end of this year, and he
had a longer-term aim to reach
4,000 or 4,500. Rapid Improve¬
ments in trade were being seen
in pubs which bad been refur¬
bished.

Profits from other activities,
such as property development,
were £Llm (£34J9m).

The group said its claim for a
substantial cut in the price of
William ffill, which it bought
from Grand Metropolitan in
1989 for £685m, had now gone
to an independent expert.
Brent Walker has still not paid
the final £5Qm of the purchase
price which is accruing inter¬
est

The group is preparing its
accounts on a going concern
basis. This depends on Grand
Metropolitan not demanding
payment in toll of the £50m
and interest and on the group
operating within the terms set
by its banks in the restructur¬
ing.

Bibby raises bid for Finanzauto to £86m

By Polar Bruce In Madrid :

J BIBBY & Sons, the UK
industrial and agricultural
conglomerate owned, by Bar-
low Rand of South Africa, has
raised its bid for Finanzauto,
the Spanish Caterpillar dis¬
tributor, to Pta 1,500-a^hare
in the face of growing doubts
that its original Pta 1,300
offer would succeed.

The new price values the
Spanish company at

Pta 153bn (£862m), bnt
Bibby failed to aecure Ftnan-
za.uto’s backing
in talks with management on
Wednesday.

Finanzauto said yesterday
that the offer was a clear
improvement and that it
would pronounce on iteariy
next week. E is expected that
it will drop its opposition -
the company has valued its
stock at about Pta 1,700 - and
adopt a neutral position.

Mr Richard ManseR-Jones,
Bibby’s chairman, said In
Madrid yesterday he would
not increase the offer again.
For technical reasons, he said
citing Spanish takeover regu¬
lations, “it would be impossi¬
ble to increase that price".

He was “very confident”
that the raised bid would be
sufficient. “We thought we
had an odda-on chance at
Pta 1,300 and we feel it is a
certainty at Pta RSOO.”

The new price would repre¬
sent a price earnings ratio of
22 on Fmanzauto’s 1991 con¬
solidated profits.

Heavy buying of Finan¬
zauto stock hours before
Bibby announced Its new
offer, pushed the price
beyond Pta 1380 for the first
time since the takeover was
launched. Bibby has
requested an Inquiry by the
stock market commission
into the buying.

Brokers downgrade profit
forecast for MFI Furniture

Enlarged Stirling more
than doubles to £2.44m

By Maggie Urry

COUNTY NatWest Securities,
the stockbroker, has c ut it s
profit forecast for MFI Furni¬
ture, the retail group coming
to the market next month.

The issue is being bandied
by County NatWest 1 s merchant
banking . side, but the
securities division is acting
independently in writing
research.

County NatWest Securities is
now forecasting a trading
profit of £86m fbr the year to
April 1993, a reduction from an
estimate of £Z00m made before
the pathfinder prospectus was
issued a week ago. The forecast
represents a rise of 173 per
cent over the £733m reported
for the 1991-92 financial year.

Despite tbe reduced forecast,
the broker still regards the
shares as “one of the more
attractive and safer recovery
stocks In the sector". B: says its

1993 forecast Indicates a price
of 145p, and advises clients to
buy a full weighting in the
shares at up to 150p. At that
price the market value of the
group would be £872m.

The pathfinder prospectus
indicated that the group’s sales
were currently flat. This
caused the broker to cut its
prediction for sales growth In
the current flwanfdat year from
10 per cent to 6 per cent In
-turn that led to the lower trad¬
ing profit forecast

County NatWest Securities is
forecasting pre-tax profits of
£77m, excluding exceptional
charges of £26m relating to
interest on the group's debt
before the flotation and a
bonus being paid to manage¬
ment It also forecasts earnings
per share of 83p, which would
be an increase of 18.7 per cent
over the pro-forma figure of
73p for 1991-92 shown in the
pathfin der prospectus.

By Peter Poaree

STIRLING GROUP, which
acquired fellow clothing manu¬
facturer Ritz Design Group for
about £19.2m at the end of 1991,
more than doubled pre-tax
profits to £2.44m in the year to
March 31.

The rise, from £L0fim, was
struck on turnover 72 per cent
ahead at £682m. Reasons for
the advance, said Mr Peter
Sheldon, chairman, were sev¬
eral

The integration of the Kona
Rose nightwear business,
acquired in 1990, with Bent¬
wood's existing nightwear
operation, played a part. Also
important were improved man¬
ufacturing performances in the
factories, tight cost controls
across the group and the first-
time contributions from Fiona
Rose; E Gifford, the casualwear
distributor acquired in July,
and Ritz.

DIGEST

Lookers
%■ halved to
£615,000

PRE-TAX profits of Lookers,
the Manchester-based motor
dealer and agricultural
machinery group, were halved,
from ei 33m to £615300, i n the
half year, to end-Marcb. Turn¬
over .declined by £19.7m to
£3 54.4m.

Mr Ken Martindale, chair¬
man, said the results of tbe
businesses operated by the
group had variously affected
the economic diff iculties
referred to in his last review.

Profits on car sales were
reduced against the back¬
ground of a national market
which was down by more than
13 per. cent on the previous
year and 35. per cent on three
years ago, he said. However,
profitability. of service and
parts remained steady.

Results from the caravan
business deteriorated slightly,
although contract hire profits
showed a considerable
increase. Car delivery and van

bodybuilding also improved.

The interest charge fell to
23.14m (£4 2m). Gearing has
been cut from 115 per cent to
107 per cent

Losses per share were 0.9p
(2p earnings), while the
interim dividend is unchanged
at $>.

Davenport Vernon
moves ahead 47%

Davenport Vernon, the Buck¬
inghamshire-based multi-fran¬
chised motor group, lifted pre¬
tax profits by 47 per cent from
£547.000 to £805300 in the six
months to March 3L

Turnover rose from £4S3m to
£ 50 . 6 m and there was a 15 per
cent improvement in operating
profits to £1.29m (El. 12m). In
addition, interest charges fell
to £480,000 (£577,000).

The Interim dividend is held
at L5p, payable from earnings
ahead to 4.1p (23p) per share.

Widney reduces
losses to £97,000

Widney, the Birmingham-based
engineering group, continued
its trend of improving results
with a reduction of pro-tax
losses from £406300 to £97,000
in the six months to March 31.

Turnover declined slightly
■ from £10m to £939m and at the
operating level profits
Improved to £314,000 (£94,000).'

At the year ended September
28 1991 operating profits were
£429,000 against losses of
£687,000 and pre-tax losses fell
to £512,000 (£L62m).

The interest charge for the
current six months was
reduced to £411,000 (£500,000)
and there was an extraordi¬
nary charge of £58.000 (nil)
related to the costs of an
aborted acquisition.

Losses per share were

Some 70 per cent of both
Ritz’s and Stirling’s clothing
output was supplied to Marks
and Spencer. Before the Ritz
buy, Stirling had laid off more
than 200 of its workforce, and
ration a li s atio n ot the expanded
group bad entailed the toss of a
further 495 jobs, mainly from
the closure of four smaller
Bentwood factories.

Some £L78m had been set
aside from reserves to cover
the rationalisation costa. The
accent was now on consolida¬
tion and no more job cuts were
expected, Mr Sheldon said.

Earnings rose from 223p to
3.0%>, heavily diluted by the
increase of the shares in issue
from 37m to 86m after the Ritz
buy. The proposed final divi¬
dend is lifted 15 per emit to

l_15p — w <wp flri«Tly plaanriing fnr

the Ritz shareholders who
have only been with us three
months”, said Mr Sheldon —
for a total of L66p CL5p).

reduced to 033p (039p).

GEI Inti still falls
short on last time

GEI International achieved
progress in the second half, but
not enough to match the previ¬
ous year’s result The pre-tax
outcome for the year to March
32 came to £3.12m, compared
with £5.57m, on sales little
changed at £773fin.

As in the first half, when
profits came to only £511300,
the special steels activities
were hit by the UK recession.
Steels suffered a loss of £03Bm
for the year, compared with
profits of £L3m previously.

Packaging machinery and
processing machinery lifted
their contributions to £33m
(£234m) and £L58m (£136m)
respectively.

Net interest paid rose to
£774,000 (£123,000). Earnings
declined to 6.7p (9.7p). The
final dividend of 435p makes
an unchanged 732p total.

FKI profit
falls 24%
but sales
picking up

By Peggy HoIRtigef

A LONG-awaited business
strategy was revealed yester¬
day at FKI as the electrical
engineering company revealed
that recession in North Amer¬
ica and the UK had sliced 24
per cent off pre-tax profits.

The pre-tax return fell from
£402m to £303m in the year
to March 31, on sales 5 per
cent down at £739 .Im. About
87 per cent of FKTs business Is
In the UK and North America.

Mr Bob Beeston. the former
BTR executive brought In to
revive FKI as group managing,
director, said the company
would boost margins through
price increases and cost-cut¬
ting, rather than chase vol¬
ume. The aim was to get a 10
per cent return cm sales, com¬
pared with a current 4 per
cent

Mr Whalley was bullish
about the group’s prospects.
He said there were signs that
the US economy - which rep¬
resents about 40 per cent of
FKI profits - was beginning
to pick up.

Order Intake in four of tbe
group’s five businesses - the
exception being process con¬
trol - was between 15 and 30
per cent ahead in the first two
months of the c ur re nt year.

The final dividend is held at
l.3p. Added to the halved
interim the total was 2.3p
(33p). Earnings per share fell
from 6.71p to 4J38P.

• COMMENT

The addition of Mr Beeston
and his BTR cohorts has done
much to restore faith in this
company. The revival of the
US economy promises good
rewards, with the hardware
business sitting at the front
end of the cycle, while Presi¬
dent Bush’s negotiations with
the Japanese are already bene-
fitting the transplant business.
The cost-cutting programme
should bring some £5m in
savings next year, and help
eliminate loss-makers. Fore¬
casts are between £36m and
£40m, which on yesterday's
price of 77p leaves a p/e of 11
to 13 times. That looks pretty
cheap considering the sector
average of more than 14 times. I

Shanks & McEwan pleases
City with 30% rise to £31.1m

By Richard Gouriay

SHANKS & MCEWAN. the
waste management company,
yesterday reported a 30 per
cent Increase in profits, after a
fell year’s contribution from
Rechem, the hazardous waste
company it acquired last year.

The final months of the year
were, however, severely hit by
recession with volumes of the
highest margin wastes particu¬
larly affected.

The Jump in pre-tax profits
from £2&9m to £31.1m cm sales
24 per cent higher at £I453m
nevertheless pleased the mar¬
ket, which had been anticipat¬
ing a poorer performance, and
the shares rose 9p to 207p.

Raming n per share fell from
132p to lL9p and the the final
dividend is maintained at
3.44p, giving a total of 5.7p, up
3.6 per cent on the year.

Mr Peter Runclman, chair¬
man, said that while profit
margins had been eroded the
longer-term prospects were
“extremely encouraging.”

Total tonnage handled in the
waste division rose by 2 per
cent but marg ins were eroded
and its profits contribution fell
from £12.65m to £1235m.

The environmental services
division, which includes
Rechem, increased tonnage
handled by 13 per cent but pro¬
cessing cost rises were not
fully recovered and profits rose
only 10 per cent to £934m.

The technical services, or
waste treatment division,
increased sales by 18 per cent
but profits were only margin¬
ally up at £359m.

The construction division
increased Its contribution from
£L72m to £237m.

There was also a £3.8m mw
off increase in debt from the
Inland Revenue's request for
corporation tax payments to be
accelerated.

• COMMENT

Shanks & McEwan used to be
seen as the Rolls-Royce of a
racy Industry with equally
racy ratings. Then last year

the sector lost some of its glis¬
ter, not because its green cre¬
dentials faded, but because the
markets belatedly realised
waste volumes and profits
were not recession proof. Nev¬
ertheless, longer term Shanks
is a company that will reap tbe
benefit of increasingly strin¬
gent environmental legislation.
While the waste treatment
division could still do with
some bolstering, its landfill
sites have relatively exclusive
market positions and the
Rechem acquisition haB
brought a vital presence in
hazardous waste. But growth
will only resume rapidly once
the economy begins to move
again. Shanks’s costs are
largely fixed and there is there¬
fore little prospect ot further
cost cutting to boost earnings
dramatically this year. Pre-tax
profits are forecast not much
higher than Mila year’s £3Llm,
giving about 12 p of earnings
again, and puts Shanks, in the
absence of recovery, on a cor¬
rectly priced 173 multiple.

Chloride falls sharply to £0.59m

By Pater Pearse

MR RAY HORROCKS,
Chairman of Chloride, stud yes¬
terday that the batteries and
electronics company was now
“off the defensive”, as it
reported a sharp fall in pre-tax
profits from £5L05m to £588300
for the year to March 3L

The world recession hit all
the group’s mam markets, par¬
ticularly in uninterruptible
power supplies and emergency
lighting, which depend cm the
computer and construction
industries respectively.

He added that exchange
rates hit the results hard,
because of currency deprecia¬
tions in TaniWa , Zimbabwe and
Kenya. At last year’s rates pre¬
tax profits would have been
£2.49m-

On the slimmed down group,
he said: “Chloride can now
stop playing like the English
football team and can try to
play Hke Sweden in the second
half, " he said. With the pro¬
posed sale of the sodium sul¬
phur battery development and
commercialisation side, the
restructuring of the group will

be completed, he said. He
expected to be able to
announce the disposal within
days.

In March 1991, Chloride sold
most of its former core bat¬
teries business to Hawker Sld-
deley, the engineering group,
for £43.5m, because it was
“heading for the fourth divi¬
sion - not in performance, but
in size". The rump of the bah
teries side - in Africa - was
retained.

Mr Horrocks said that
although margin had been sac¬
rificed, the group was now
cash-generative from trading,
though “the joker is demand".

He also said that the board
was settled - Mr Keith Hodg-
kinson joined Chloride from
GEC in December and in
March Mr Horrocks ceded the
chief executive rote to him.

Turnover on continuing
operations fell to £110.1m
(£115.9m). On a llke-for-like
basis, turnover in electronics
was £79.7m (£82.6m) aid losses
grew to £222m (£134m); bat¬
teries were brighter - turn¬
over was £30.4m (£33.3m)
and profits £4.25m (£2.46m).

Therefore before interest con¬
tinuing operations saw a
growth in profits to £2.04m
(£L32m).

After a 400 per cent tax
charge (because Chloride
earned most of its pro fit s in
countries where tax loss bene¬
fits are not available) and
extraordinary charges of £4-4m,
relating to lUa pruawi* awri clo¬
sures, the retained losses
totalled £4.4m (profits £7.38m).
Losses per share were 12p
(03p).

• CO MME N T

Chloride looked Hke ft might
dribble away, but a sea change
has been engineered. Dispos¬
als, plant consolidation and
reduction in staff by 392 peo¬
ple, or 10 per emit, were the
tools. Cash generation is tbe
short-term aim. through
organic growth, new products
and aggressive marketing.
When profits recover on both
rides of tbe Atlantic, there are
tax losses of ciim in the UK
and of £12m in the US waiting
to be of benefit Forecast prof¬
its for 1993 are about £4m ris¬
ing to £7 2m in 1994.

Severn Trent

Preliminary Results

For the year ended 31 March 1992

“We have achieved the highest investment
programme in the industry.... the lowest
average charge for water and.... again been
the most profitable of the ten privatised
water and sewerage companies”

John Beliak, Chairman. 18 June 1992

Secure water resources

Highest profit, highest investment, lowest water charge

Waste management and other non-regulated business
developing well

TURNOVER
OPERATING PROFIT
PROFIT BEFORE TAX
EARNINGS PER SHARE

TOTAL DIVIDEND PER SHARE 19-3p

The 1992 results are unaudited. A copy of the Annual Report and

may be obtained from: The Director of Corporate Communications,
pic, 2297 Coventry Road, Birmingham B26 3P

1992

1991

Increase

£822m

£627m

31%

£26lm

£197m

32%

£265m

£249m

6.4%

68.2p

64.5p

5-7%

19-3p

17.55p

10%

u . , SevemTtent

FINANCIAL TIMES FRIDAY JXTNE 19 1992

COMPANY NEWS; UK

Severn Trent heads
the field with £265m

By Angus Foster

SEVERN TRENT, the
Birmingham-based water and
sewage company, yesterday
announced the biggest profits
so far for the privatised water
sector.

But the company admitted
Biffa, the waste management
arm acquired last year, would
not earn enough to cover its
interest charges until next
year at the earliest. Severn
Trent's shares fell 7p to 375p.

The company reported a 6.4
per cent increase in pre-tax
profits to £265m in the year to
March 31. up from £249m. The
Increase came from average
price rises of 15.2 per cent, held
back by falling interest income
as the company invested in
unproved water and sewage
quality.

Turnover increased to £822m
(£627m), helped by price rises
and an 11-month contribution
Erom Biffa and other non-regu-
Lated businesses.

Biffa. made annualised oper¬
ating profits of £12.5m. com¬
pared to the £25m interest bill
on its £ 212 m acquisition price-
tag. Mr John Beliak, chairman,
said Biffa would continue to
dilute earnings this year
because of the recession. But
he expressed “no regrets”
about the purchase.

Operating profits increased
32 per cent to £261m (£197m).
But interest income fell
sharply from £51.5m to £43m.
Capital expenditure increased
48 j 5 per cent to £585m.

The company went from net
cash of £229m to net borrow¬
ings Of £170xn during the year,
creating gearing of 9 per cent
Mr B eliak said capital spend¬
ing has now peaked.

Earnings increased 5.7 per
cent to 683p (64.5P). The com¬
pany is recommending a final
dividend of I2.9p (li.7p) for a
19-3p (17.55P) total

At the interim stage, Severn
Trent announced a L5 per cent
increase in pre-tax profits to
£137m (£135m) on turnover 26
per cent higher at £395m
<£3l3m).

Debtors increased nearly 50
per cent to £ 157.5m (£108^m).
About half the increase was
due to acquisitions while some
customers showed a growing
reluctance to pay.

Staff numbers increased by
300 to 7,400. At Biffa, where the
emphasis was towards higher
margin business, staff totals
fell 180 to L.836.

• Three other water compa¬
nies also reported increases
yesterday:

Pre-tax profits at Essex Water
for the 12 months to end-March
were £18J2m against £l5.7m for

the previous 15 months. Turn¬
over was £61.7m compared
with SB&Sm. The comparison
are not meaningful because of
the change of year-end.

The final dividend is 34^p
making a total of 7£L9p, pay¬
able from earnings per share of
2 Q2p. The total dividend and
earnings for the previous 15
months were 7B.83p and 163p
respectively.

Suffolk Water turned in pre¬
tax profits of £t 2 m from turn¬
over of £14£m. Again there are
no meaningful comparisons
because of the change of year-
end. Profits tor the previous 15
months were £4m Erom turn¬
over of £l6.3m.

reaming s per share came out
at 79p and the final dividend is
2L5p for a 45.1p total Earnings
for the previous 15-month
period were T 2 p and the total
dividend was 37A5p.

While Brockhamptou Hold¬
ings, parent company of Ports¬
mouth Water, reported a pre¬
tax profit of £2.85m from turn¬
over of £22m in the year to
end-March.

This compares with profits of
£2.79m from turnover of £19,7m
last time. Earnings per share
Increased by 22.7 per cent to
21 Jp and a final dividend of
3£p makes a total tor the year
of 435p.

See Lex

Photoprocess cuts LIG profit

By Andrew Bolgdr

A DROP in photoprocessing
results caused London Interna¬
tional Group, the consumer
products and services company
which makes Durex condoms
in the UK, to report a dip in
pre-tax profits from £17.4m to
£165m in the year to March 31

LIG said these res alts
reflected a good operating per¬
formance in health and per¬
sonal products but a worse
than anticipated downturn in
photoprocessing services as a
result of the continuing reces¬
sion.

Overall turnover rose by 7 A
per cent to £398.1m (£389Jm).
The group took £22.5m of
restructuring costs above the
line, in line with the new
accountancy draft standard.
The restated comparable excep¬
tional figure tor the previous
year was £2L9m.

LIG’s photoprocessing divi¬
sion saw operating profits drop

by more than half to £5.9m
(£ 12 .5m) on marginally
increased turnover of £119.5m
(£117.3m). Colour Care contin¬
ued to gain market share, but
sales were cut by the recession
and profits were substantially
affected.

ColourCare had seen some
some volume pick-up since the
year-rad, but there was little
sign that the photoprocessing
market was improving.

Traditionally, 60 per cent of
photoprocessing volume is in
the first half, with almost 40
per cent concentrated in July,
August and September, so LIG
said It was too early to make
any comment on photoprocess¬
ing performance for the year.

- Health and personal prod¬
ucts saw operating profits
increase by 15.4 per cent to
£42.7 m (£37m) on turnover of
£278.6m (£247.7m). Up by 125
per cent

LIG said the condom busi¬
ness worldwide continued to

grow at an average annual rate
of 2 to 3 per cent, and overall
the group’s brands gained mar¬
ket share.

As planned, Blogel surgeons'
gloves came into operating
profit in North America and
continental Europe. In the US,
Biogel had achieved more than
15 per cent of its target market
against 6 per cent last year.
Throughout the UK and conti¬
nental Europe. Biogel contin¬
ued to increase its market
shares.

Following last year's
announcement, all primary
manufacture of surgeons'
gloves had been transferred to
the group's new factory in Mal¬
aysia. Closure of . the UK plant
with the loss of 650 lobs, i
accounted for £13.4ra of the
exceptional item.

On the restated basis, earn¬
ings per share fell to 6.34p
(6-86p), but the final dividend
was held at 635p, giving a total
for the year of 9.45p (9.25p).

John Beliak: no regrets about the purchase of Biffa

Learmonth & Burchett in
the black with £0.3m

By Alan Cana

LEARMONTH & Burchett
Management Systems (LBMS).
a computing services company
quoted on the GSM and special¬
ising in computer aided
systems engineering (CASE),
returned to profit for the year
ended April 30 1992 after a
disastrous. 1990-91.

It made pre-tax profits of
£303,000 compared with, losses
of £l.7m the year before. Turn¬
over was up 10 per cent at
£21.4m (£l95m) and earnings
per share worked out at
0.7p, compared with 10.5p
losses.

. No dividend is being recom¬
mended. Mr Rainer Burchett,
LBMS chairman, said that the
company still had £L8m of bor¬
rowings and that it was prema¬
ture to talk of paying a divi¬
dend in 1992 although it could
be possible next year.

LBMS, established in 1977, is

one of the oldest companies in
the CASE area. CASE involves
methods and software technol¬
ogies which make it simpler
and more efficient to write
computer programmes.

LBMS had a sound business
record until two years ago
when a combination of heavy
spending on research and (
development, acquisitions that
proved difficult to digest,
increased competition and the i
recession resulted in a sharp
decline into loss.

Mr Burchett said that the
investment in research and
development had resulted re¬
new CASE software which had
. been well received in the mar-
• ket place. In addition cost cut¬
ting and restructuring coupled
with improved sales and mar¬
keting had resulted in a sub¬
stantial improvement
The company has a blue chip
list of clients and has expanded
into the US and Australia.

BTR sells
cables stake
to partner
for £37m

By Peggy Holllnger

BTR yesterday sold its stake
in a joint venture cables busi¬
ness acquired through the
takeover of Hawker Siddeley,
to partner Delta for £37m

Delta said the purchase of
the outstanding 36 per cent
minority stake was the ‘•post¬
script” to the merger in 1988
of the two companies' cable
Interests.

“We have acquired the
whole of Hawker's cable busi¬
ness, without having to pay a
premium for it," said. Ms Alex¬
andra Bockenhull of Delta.
The purchase would push Del¬
ta’s gearing - which was 13
per cent at the end of 1991 -
up slightly.

Pre-tax profit attributable to
the minority stake in Delta
Crompton Cables last year was
£2.7m, Ms Hockenhull said.
The net asset value of the
minority stake is £34.2m.

For BTR, the £37m should
help to cut the group's
weighty debt, which last
month was reported to repre¬
sent about 90 per cent of
shareholders* funds. Every
£25m is estimated to reduce
gearing by 1 percentage point

The sale was sparked by
BTR's £L55bn acquisition of
Hawker Siddeley, the UK engi¬
neering group, last year. Delta
had first option on the Hawker
stake In the case of a takeover.
An independent valuation set
the selling price.

Delta Crompton Cables was
subjected to a wide-ranging
restructuring following the
merger, including closing
three of the nine cable site.
“We will now derive 100 per
cent of the rationalisation,”
said Ms HockenhuH.

Delta Crompton Cables
makes energy, communication
and high performance cables
for the industrial and regu¬
lated electricity markets.

Oceana Investment
net assets rise

Oceana Investment Corp¬
oration reported net asset
value ahead at362.9p at March
31 against 317.4p a year ear¬
lier.

Oceana lost its listing in
September following the fail¬
ure of its bid for Etam.

The total dividend is
unchanged at lip.

Dawson surprises
with 15% rise but
cautious on upturn

By Angus Foster

DAWSON INTERNATIONAL,
the Edinburgh-based textile
and clothing group, yesterday
announced results which were
slightly better than expected
and said order hooks were
higher than a year
ago.

But the company, which had
seen profits decline every year
since 1988, remained cautious
about an economic upturn in
its main UK and US markets.
“Recovery will come but it will
be slow and very hesitant,"
said Mr Ronald Miller, chair¬
man.

Dawson reported a 15 per
cent increase in pre-tax profits
from £26Jm to £30.1m in the
year to March 28. The increase
was helped by £Um of cur¬
rency gains on the dollar, a
£700,000 exceptional profit on
as insurance claim and a lower
interest charge.

Turnover increased 6.6 per
cent to £415m (£389.3m), helped
by £12.7m of currency gains.
Pringle of Scotland increased
volumes 14 per cent although
Ballantyne Cashmere saw a 16
percent decline.

At the interim stage Dawson
reported a 6 per cent foil in
profits to n&2mon turnover of
£217m (£2l4m). Mr Miller said
the second half improvement
was helped by a recovery in
cashmere fibre and yarn
sales and stabilised cashmere
prices.

In the US, a mild winter
affected sales of JE Morgan's
thermal underwear and vol¬
umes declined 6 per cent

although the company said
market share improved.

Interest charges fell to
£5.54m (£6.85m) due to reduced
working capital cash genera¬
tion of £27.9m and falling US
interest rates.

Capital expenditure fell from
£152m to £94$m while depreci¬
ation increased to £l2.4m
(£112m). Net borrowings at the
end of the period were halved
at £23-9m, against £5l.7m.
giving gearing of 13.4 per
cent, compared with 29.6 per
cent

Earnings per share advanced
7.5 per cent to lL4p (I0.6p). The
company is recommending an
unchanged final dividend of
7.lp to make a maintained
total of 9p.

• COMMENT

After three years of decline,
can Dawson’s long-suffering
shareholders finally look for¬
ward to some growth? Judging
by yesterday’s 5p rise in the
share price to 2i9p, against a
falling market, the answer is
yes. Analysts were not only
surprised by the profits, admit¬
tedly against last year's ■
depressed results, but also by
the sharp fall in gearing, sug¬
gesting costs and working capi¬
tal are well set for recovery.
But profit forecasts for this
year of £33m put the shares on
more than 17 times. Although
acceptable, the rating suggests
the market is already factoring
in rises in consumer confi¬
dence and confirmed autumn
orders which, as the company
warned, are by no means in
the bag.

DIVIDENDS ANNOUNCED

Current

payment

Dale of.,
payment

Correa -
ponding
dividend

Total

lor

year

Total

last

year

Bradstock —_-int

1.45t

Sept 29

1.35

-

4.75

Brodchampton Hdg Jin

3.3

2.7

4.95

4.05

Davenport Vernon.—Int

1.5

Aug 3

t.5

- •

4

Dawson __fin

0.1

Aug 28

6.1

9

9

Essex Water_fin

34.3

-

75.36*

70.9

78.63*

FKJ . _ _fin

1.3

Sept 21

1.3

Z2 ■

3.3

GO _ f In

4.85

Aug 10

4.85

7,3 2

7.32

Goldsmiths ———fin

0.3

Sept 1 .

1.5

IS

3

London Int! ......_—fin

6.25

Oct 1

6.25

9.45

9.25

Lookers —__—Int

2

Sept 30

2

-

6.2

12-8

Oct 5

11.2

1825

11.2

Portsmouth Sund —.fin

5.87

Aug 3

5.64

8.6

&24

Severn Trent -—-flu

12.9

- Oct 1

- 11.7 .

-19.3

17.55

Shanks & McEwan -fin

3.44t

July 30

3.44

5.7

5.48

Sliding __fin

I.ISt

Oct 2

1

1.65

1.5

Suffolk Water_fin

21.5

-

16.25a-

45.1

37.95*

Dividends shown pence per share net except where otherwise stated.
tOn increased capital. §USM stock. *For 15 months.

SFO talks to Jersey police
about Richmond Oil

By Peggy Hollinger

THE SERIOUS Fraud Office,
the London Stock Exchange
and Jersey police met last
week to discuss possible irreg¬
ularities in share dealings of
Richmond Oil and Gas, the
beleaguered natural resource
company which recently
announced that creditors had
foreclosed on its main remain¬
ing asset

Officials of the two UK regu¬
latory organisations were
briefed in Jersey by local
authorities, who raided a local
accountancy firm under the
island’s Investigation of fraud
Jersey law 1991".

The SFO is conducting a pre¬
liminary investigation into
whether a full-scale inquiry
will he necessary.

The discovery was made
when the Jersey fraud office
raided the premises of Bryant
and Co in April, following a
complaint by one of its clients
that he could not recover
£150,000 given to the
company for investment
purposes.

The office appeared to be
deserted, with dead cigarettes
lying In ash trays and jumpers
flung across the backs of
chairs. However, police col¬
lected thousands of files from
the premises which have been
passed to UK accountants.

Price Waterhouse, for
analysis.

The exact current trading
status of Bryant and Co is
uncertain, local officials said.

Detective Inspector Peter
Hopper of the Jersey police
declined to comment in general
terms, but stated that if irregu¬
larities were found they would
be referred to the regulatory
bodies.

Also present in Jersey last
week on a separate matter was
Mr Herb Dentsch of the New
York law firm, Deutsch and
Frey. The firm is representing
Butte Mining - under new
management since last year -
in litigation against more than
100 defendants, including Bry¬
ant and Co. The case alleges
fraud and misrepresentation
by former directors, executives
and advisers.

Mr David Wilkinson, joint
managing director of Rich¬
mond, said he had no know¬
ledge of any irregular share
dealing in Richmond Oil’s flo¬
tation. The company's £2im
flotation at 105p in July 1989
flopped amid concerns over the
valuation of assets against
original purchase price. How¬
ever, in October the share
price had begun a steady climb
from 63p to 163p by February
1990. The shares, which were
7p last night hit a high ot I73p
in the summer of 1990. ,

Buy-out team plan changes to a vegetarian menu

Peter Pearse on Cranks’ move away from the small, brown rock school of wholefood cooking

reggk KSE'S MARKET INFORMATION DATA ON

WORLDWIDE DISPLAY THROUGH REUTERS

The Kxnehi Stock Exchange's Market Information Display
Network (KSE-MIDNET) has been linked with IntaiMHioaal Invent** through
Renters Business Wire Service from June 1,1992.

Karachi Stock Exchange ifaare* quotation for 309 active companies
are now available at more than 200,000 terminals finked with Reuters in 132
countries.

The Exchange already nataihs in In-bouse Computer Network
that displays die Exchange's ready board mforntatlon within fcspreaMe*.

Rcutta has aQoied 26 pages of io«en display to the Exchange, hi
ihe eqiary service. The Era page diiptayi a directory covering vaboos sectors,
wtndi is followed by compraywiac hafamMtiou. 1710 pntvioat day's dol ing
files and carat prices oa the floor of the Exchange at toy moment of tons
during trading boars are imuraHy displayed nseraariooally.

For further details pUoro contact:

Karachi Slock Exchange {Guarantee) HpJH,

Stock Exchange Building, Stock Exchmge Road,

Off; IX ChnndrigarRoad Karacbi-74000. Psktoun.

Telephone: 2413SS2J541914^2425502-3-4
Fax:92-21-241Q825 Telex: 2746 KAS3X PK
Cable: "KARSTOCK"

E veryone loves a

bargain and at the
moment receivers
across the land have plenty.
Does Cranks, the vegetarian
restaurant chain recently pur¬
chased by a management
buy-out, come into that cate¬
gory?

The MBO, put together by
Piper Trust, the retail consul¬
tancy, has bought eight restau¬
rant/takeaway outlets and the
Cranks name - a brand that
some would say had passed its
sell-by date, even though the
healthy eating market is grow¬
ing,

In many mfnrfc Cranks will
forever be tarred with a hippy
brush or stuck with an image
of sandaled, CND-campaigning
liberals, proselytising about
the virtues of bowls of bran
and the evils of meat-eating.

Mr Ian Cheshire and Mr
Christopher Curry, the non-
vegetarian forces behind the
buy-out, hope to nail those
prejudices, saying that vegetar¬
ians now come from all walks
of life and that at some time or
other everyone chooses non¬
meat. unprocessed dishes.

While anxious to preserve
the “integrity" of Cranks, they
are keen to move away from
“the small, brown rock school
of wholefood cooking" -
stodgy grains and wheat - to
lighter meals using more vege¬
tables.

Overall they are keen to tap
into the consumer's general
trend of eating out more, but
going for quality. Initially, the
main changes will be in the

menu. For example the dough
will be reformulated so that
instead of being available only
in bap form, it can be baked in
loaves, and can therefore be
sliced.

Piper has been sworn to
silence by Stoy Hayward, the
receiver, not to reveal the
financial size of the package it
put together for Cranks.

However, Mr Curry, who
runs Piper Retail Fund, the
venture side of the MBO. did
admit that it was “quite a lot
less" than the £L5m Piper bid
in 1988 when Guinness, the
then owner, sold it to Bewley*s
Cafes and Badger Hale, the
Irish catering chain and prop¬
erty developer. “We're much
happier to have bought it now
than then," he says.

Stoy could have got more for
the business, he adds, but
receivers are obliged to dispose
of loss-makers as quickly as
possible. In feet, there were
other contenders, one of which
placed a higher bid, though
with “theoretical". money.
Thanks to its previous bid and
to its close knowledge of the
business. Piper already had its
package sewn up and pipped
the others.

The close knowledge comes
from Mr Curry and Mr Chesh¬
ire, his partner from Piper
Trust While Mr Curry learned
about Cranks when preparing
the 1988 bid, Mr Cheshire's
familiarity is more direct,
stemming from his time at
Guinness, when. Cranks was
part of the drinks group's port¬
folio before It reverted to its

WALES

jw

■

rf'

*7» > & ■

Non-vegetarian bosses behind the buy-out - Ian Cheshire
(left), with Christopher Curry

core businesses in the wake of
the Distillers episode.

A child of its time and
endorsed in the late 1960s by
The Beatles and other Swing¬
ing London luminaries, the
health food company rode the
crest of its trendiness in the
1970s, but began to fall out of
fashion in the 1980s.

Financially it was hit by the
now familiar Litany of 1980s
scourges - too much debt,
over-rapid expansion, demand
reduced by recession and spi¬
ralling rent and rates.

*n its most recent year,
Clanks’ pre-tax losses were
£l.4m on sales of about &4.5m.
The restaurants broke even

but the company was tipped
into receivership, on February
19, by interest costs and losses
on the wholesale side - which
serviced such companies as
P&O, Safeway, Forte (its Wel¬
come Break motorway service
stations), and Loseley.

You can cherry pick when
buying front the receiver and
so the factory in Islington, Lon¬
don, which supplied food to all
the outlets was not bought,
though Mr Curry and Mr
Cheshire are keen to continue
and expand the wholesale side.
They point to a 1991 survey
which revealed that 12 per cent
of the UK population knew the
Cranks name for its healthy
eating reputation: in the south¬
east the figure jumped to 25
per cent

The duo will be forming a
Joint venture with a third
party to license or sub-contract
out the food making process
and harbour longer-term ambi¬
tions to roll out frozen branded
food products - “tike Bird's
Eye's vegetable meals”, says
Mr Cheshire - across the gro¬
cery multiples. In the first year
the emphasis will be on gain¬
ing wide distribution for a
small range; thereafter the
variety of dishes will be expan¬
ded.

Another big change will be
in the way Cranks is managed.
Mr Cheshire stresses that there
will be a “change of style - it
won’t be run from the top
down".

The Piper Retail venture cap¬
ital fund, backed by Standard
Life and Royal Life, has a stake

GLASGOW

of a little over SO per cent and
the balance is split equally
between Piper Trust and the
middle managers, who previ¬
ously worked under Cranks’
various owners.

These managers will he the
operational team and, apart
from the incentive of growing
the company to increase the
value of their investment, they
also have the opportunity, in a
complex arrangement depen¬
dent on profits, to raise their
stake from the low 20s to 30
per cent over the next five
years.

The whole project is “mostly
equity financed with Just a bit
of debt".

Mr Curry says that only half
of Piper's package of "substan¬
tially less than £3m” went to
acquire Cranks: the other half
is to move the unwanted kitch¬
ens in the restaurants, for
development and expansion of
the business.

Franchised restaurants out¬
side the south-east - Mr
Cheshire and Mr Curry envis¬
age expanding the chain - will
be satellites to a Cranks-owned
outlet Food would be supplied
at cost to each franchise and
Cranks would take 5 per cent
of sales.

As Body Shop prefers.
Cranks’ name would be on the
lease, not the franchisee’s.

Other changes mil be evolu¬
tionary. The woven basket
lampshades - a particular
hate of Mr Cheshire - will go,
but the pine-dominated decor
will only be changed when the
money becomes available.

The FT proposes to publish this survey on
September 16 1992.

from its print centres in Tokyo, New York. Frankfurt, Roubaix and
London. It will be read by senior businessmen and government
officials in 150 countries world wide. It will also be of particular
interest to the 130.000 directors and managers in the UK. Who raid
the weekday FT. If you wish to reach this important audience with
your services, expertise or products whilst maintaining a high profile in
connexion with Wales, call

Clive Radford

. on 0272 292565 Fax 0272 225974
Merchant House,

Wapping Road,

Bristol BSI 4RU

Data source- BMRC Survey 1900

The FT proposes to publish this survey on
June 25 1992.

from its print centres in Tokyo, New York, Frankfurt, Roubaix
and London. It will be read by senior businessmen and
government officials in 160 countries worldwide. It wifi also be
of particular interest to the 130,000 directors and managers in
the U.K. who read the weekday FT.*

If you want to reach this important audience with your services,
expertise or products whilst maintaining a high profile in
connection with Scotland call

Kenneth Swan
on 031 220 1199

or Fax: 031 220 1578 • '. :

37 George Street,

Edinburgh £H2 2HN

Data 30urc£.-* BMRC Businessman Survey 1990

FINANCI AL TIMES FRIDAY JUNE 19 1992

RECRUITMENT

JOBS: T|ie double set of mufflers that stop senior executives’ eardrums from hearing

Why big companies are short of new ideas

/ HO Precisely first coined
WW.“8 Phrase, no one the
• ■ • . J P fas polumn has ever met

could identify. But . whoever it
was .deserves an honoured place
in dictionaries of quotations. ■

. For, of all the multitudinous
maxims uttered these past 2^500
years oh how to-survive in an
organisational setting, none is
mpre cogent than the phrase in
question. It states: Never surprise
a vice-president?

While, transatlantic in Idiom -
it was apparently coined by some¬
body in American Telephone and
Telegraph - - the phrase dearly
has universal force. Moreover,
the inadvisability of springing
surprises applies not only to
bosses as high as vice-president
or the equivalent, but to many
tf not most ranked lower down.

So in an attempt to convey the
wider scope of - the message I’ve
reformulated it in more general
terms as one of the Laws of
Organisational Stupidity, calling
it alter Professor Iain Mangbam
of Bath University’s management
school who-introduced me to the
ori gin al in the 1970s: In the wider
version, which goes under the
name Maugham's M uffle r, it says:
When communicating to superiors,
new neios is bad' news.

Shoe first hearing of the rule.

I've seen it borne out too often
for its workings to be any longer
a surprise to me. The eypjanqtfop
seems to be that aspiring bosses
have a psychological need not
only to possess the power to tell
others what to do, but to fed they
hold it by natural right Hence
they tend to believe deep down
that they are endowed with such
superior faculties that they are
sure to learn of anything worth
knowing before it could ever
occur to anyone of lesser status. ~
. What has surprised me even
after all these years, however, is
the strength with which the top¬
most rankers defend themselves
against the possibility of being
forced to recognise otherwise.

That revelation comes as a
result of my discussion two
weeks ago of the problem senior
executives’ secretaries pose for
the growing numbers of displaced
managers who how have little
chance of re-employment unless
they can win the ear of someone
empowered to hire them. In the
hope of helping to put unused
skills back to work, I passed on a
couple of hints from a consultant

in New York on how to bypass
the secretarial gatekeepers. One
such hint was to dodge round
their blocking question - What’s
it about, please? - by misplacing
the word “not” in your answer.

To illustrate: if you're out of
work after a time in Germany
and aim to persuade some chief
who’s a total stranger to hire you
as a representative there, the
reply to the gatekeeper ought be:
“We've met before but not for
some time. I've been working in
Germany, and there's a business
opportunity I know he would be
interested in.” Then, on getting
through to the chief and being
asked how you know each other,
you say: “Sorry? I didn’t say we
did. What I said was we've not
met before. But for some time
I’ve been working in Germany...”

Readers' responses, often
vehement as well as extensive,
have come from several angles.
For example, half a dozen out¬
placement consultants and four
of the executive-selection variety
have accused me of advocating
the seriously dishonest practice
of approaching employers with

bogus propositions. That's a bit
steep. The article a fortnight ago
expressly stated: “...It is of
course imperative to have done
your homework on the target
company and executive, and the
idea you’re proposing, as well as
ensuring that every checkable
fact you voice is true.”

in other words, any proposals
made must be genuine. Even so,
given the numbers unemployed
and the barriers in the way of
their recovery, 1 see no cardinal
sin in practising mild deception
to get honest proposals a serious
bearing. Nor am I alone in doing
so. In tiie circumstances, even the
stern philosopher Hobbes would
have forgiven it.

On reflection, however. I agree
that the reproving out-placers are
right to say that “networking” is
a more promising as well as less
deceitful method. It is defined by
one of them as: “making new con¬
tacts via referrals from existing
contacts and genuinely asking for
advice and NOT for a job. The
aim of a network meeting Is refer¬
ral to more contacts. Keeping the
network ‘alive* over a period of

weeks results in a whole series
of people you do not now know
positively thinking of you when
they might hear of a job."

Nevertheless my conversion to
networking is not because of its.
philosophical merits, but strictly
on practical grounds. The reason
lies in the dozen responses from
readers who actually work in the
aforesaid gatekeeping capacity.
For their letters have persuaded
me that such dodges as I passed
on just wouldn’t wash with the
consummate professionals who
work as senior secretaries.

Hence my belated realisation
that the stopping power of senior
managers’ mufflers is greater
than I had previously supposed.
They are equipped with not one,
but two of them: the classical
Maugham sort worn by the chiefs
themselves, and an outlying filter
represented by their secretaries.
As one of same typically remarks:

“I can say with hand on heart
that no-one will get through to
my boss on the telephone if they
wUl not explain to me exactly
why they wish to speak to him -
and, only then, provided he tells

me he wishes to take the calL”

The only hope of penetrating
to the chief, several of the gate¬
keepers say, is essentially akin
to networking. In the words of
the same correspondent, it is
“waking up to the fact that few
top executives will take calls
unless they are very thoroughly
screened and perceived to be
mutually constructive, and en¬
listing the secretary’s help and
advice as to how to get their
message across or who would be
the right person to speak to about
their idea/appllcation. At this
level, the secretary would cer¬
tainly be one of the best people to
have on your side when chasing
those elusive job openings.”

To which I can only nod in
agreement. But that Is not to say
the better pay-off of networking
augurs well for the economic
future. For it is a method that
clearly best serves folk good at
favourably impressing influential
others - which need not be, and
often isn’t, the same as having
something productive to offer a
company. Indeed networking was
summed up in a maxim long

any surprises

before “Never surprise a vice-
president”: to wit, ft’s not what
you know, but who you know ”
Still, that being the case, it
may help to explain why so many
big companies at least, have so
few good new ideas.

N 3W to a couple of City of
London jobs being offered by
separate headhunters. Both
promise to respect applicants’
requests not to be named to their
client at this stage.

John Anderson (Deven Ander¬
son, 35 Livery St, Birmingham B3
2BP; tel 021-233 3320. fax -233 1031)
seeks a managing director for a
private financial-services group’s
insurance business, mainly in
broking. Given selling and team-
leading skills, candidates could
be from any branch of insurance.

Salary around £50,000 plus
bonus on results, and car.

Dudley Edmunds (Westmin¬
ster Associates Internationa], 1-4
Warwick St London W1R 5WB;
tel 071-287 5788, fax -287 9986)
wants a proven corporate trader
in derivatives as well as cash and
FX for an international bank.
Continental languages a help.

Salary up to £50,000, plus
usual City banking perks.

Michael Dixon

Major U.S. Bank

European Fund Manager

City based

£50,000 +

Banking Opportunities

Gulf States

Excellent tax free salaries and benefits

As a well established, successful Middle East Bank our client has developed exciting plans to expand their existing
national and international presence. Continued investment has led to considerable growth and has now created the
Following challenging and rewarding roles.

Oar Client is the S.E.C. registered International Fund Hie portfolios to be managed concentrate on the major

Man^ganent division of a rapidly expanding major US.
bank which has a substantial and glowing commitment to
Europe. Wfe have been asked to help find an outstanding and

continental markets and a European travel dement will be
required. Language skills would be a definite advantage and
the opportunity also exists to visit clients and potential

professional Fund Manago/Director Designate who will not diems backing the marketing effort in both the US. and
only lead the European thrust developing the Equity Europe. As the role expands he/she can expea to assist in
ftirtfolios but also make a substantial contribution to overall recmitingan additional Fund Manager

investment policy.. The Bank can offer the appropriate rewards and prospects to

-the. person we seek, win n eces sarily be a graduate people contributing to its success, and in addition to the
aged3Q/35 with over five year’s experience and AI/rpTAVT negotiable salary there are the usual benefits,
a track record in this area, who is determined to UV Please reply in the first instance to Keith Fisher

make progress in his/her careerlrt an expanding ';q Yt t ti t quoting Ref. 1090. Overton Shirley & Baity,

organisation. The position reports directly to DIllIvLCi I prince Rupert House. 64 Queen Street

oigtnisation. The position reports directly
the Managing Direcron

& BARRY

Prince Rupert House. 64 Queen
London EC4R1AD. Tfei: 071 -248 0355.

- INTERNATIONAL. SEARCH AND SELECTION

Banking Operations Treasury

Manager Operations

This key position requires a minimum of 6 years Reporting to the Banking Operations Manager the ideal

experience in a similar role gained within an international candidate will possess in-depth experience of

Banking environment. Knowledge of credit operations. sophisticated treasury risk management. It is a mandatory
loan administration, trade finance, letters of credit, letters requirement of this role that applicants are fully
of guarantee. Nostro reconciliations and credit card conversant with all respects of FX settlements,

operations is essential

Both roles require individuals who are capable of taking the responsibility and pressure associated with a fast moving,
challenging environment. Arabic language capability is a definite plus.

Please send yonr toll cv and current salary details to Sara Powell, _ _,

NESTOR INTERNATIONAL LTD. 7-11 Kensington High Street. X K

London W8 5NP. Tel: 071 938 1721 or 071 938 2151. tmtcdm ATrnM/i r

Fax,07! 937 4180 INTERNATIONAL

Interviews will beMd in London RECRUITMENT CONSULTANCY

NESTfR

INTERNATIONAL

RECRUITMENT CONSULTANCY

Expanding Merchant Bank - Greenfield Opportunities

Qor client is a rapidly expanding merchant bank, committed to innovation and the employment and retention of quality staff Tbe areas of activity in chule equity, fixed
income, IDC and derivative products trading, corporate finance and FX. The snrcearihl growth of the company has created foe need to recnrit three key managew.

HEAD OF
OPERATIONS

From £60,000

The candidate will he responsible for ensuring
strong .management and effe c ti v e control over the
development and settlement of current and new
products.

Exposure to derivative products, securities and FX,
experience of implementing banking systems,
ability to motivate and manage staff and a hands-
on energetic a ppro a ch will be vital in this key role.

HEAD OF
MONEY MARKETS

From £50,000

The candidate will be responsible for the
management of all cash positions, liquidity and
short term interest rate risk, and forward foreign

PV flw iip^.

This role requires at least five years’ experience in
money market and off-balance sheet instruments
and an affinity for proprietary tradings

HEAD OF

CAPITAL MARKETS

From £75,000

The candidate wifi be responsible for establishing a
new department aimed at sourcing, analysing and
di s t ri b u t in g assets (either straight or securitised
loans) and for taking pro p r i et ar y positiuus/arbitrage.

A strong a war eness of foe credit i m plications and
prior experience of asset trading is a prerequisite,
as is foe ability to control and develop a separate
profit centre.

Interested candidates should % write to Stme Mwnmi (Operations), Nick Bennett (Money Markets), Andrew Stewart (Capital Markets) at BBM Associates Ltd (Consultants m
Recruitment) at 76 Wading Street, London EC4M 9BJ. Alternatively use our confidential fax line on 071-248 2814. All applications will be treated m the strictest confidence.

76, Wading Street, London EC4M 9BJ

j<

Tel: 071-248 3653 Fax: 071-248 2814

9 uVi M i wen * J fcVfcWW i MCI M om 1 #

Jan Henderson Associates
limited is an independent
investment management
comp any, based in Exeter,
which has established
itself as a specialist in
managing portfolios of
investment trust shares.
Due to the Company's
rapid expansion, we are
now seeking a Portfolio
Manager, preferably with
experience of the
investment trust sector.

Ian Henderson Associates
has management contracts
covering a total of over
£200 millioiv including the
five unit trusts run by
Exeter Fund Managers
Limited, a subsidiary
company, and three
quoted investment trust
companies.

Interviews will be arranged in either Exeter or London.

Candidates should have
at least three years of
investment management
experience and be willing
to assist in the marketing
of the Group's products.
A competitive salary will
be offered and other
benefits will include
pension and life assurance
and a company car.

Please apply in writing,
with a full CV to:-

IJ S Henderson Esq.
Ian Henderson
Associates Limited
23 Cathedral Yard
EXETER EX11HB

Chief Economist

Leading Irish Financial Service Company

SAttractive package Dubli

Our client is one of Ireland's leading
financial service companies, involved in
domestic and international capital
markets. Research driven, they wish to
make this senior appointment at their
Dublin Head Office.

This important position will be of
interest to Economists with several
years' experience, preferably in the
financial services sector or a related
area: Good written and oral presentation
skills are essential and you should be
able to adapt to a dynamic financial
environment.

Dublin

The role also calls for an
in-depth knowledge of macroeconomics,
monetary economics and the
international bond markets.

An attractive salary and benefits
package is offered, commensurate with a
leading financial firm.

Please write with full details. These
will be forwarded direct to our client.
List separately any companies to whom
your details should not be senL Ben
Wheeler, Ref. BW351, MSL Advertising,
Recruitment Resources, 32 Aybrook
Street, London WIM 3JL

Advertising

CS FIRST BOSTON INVESTMENT
MANAGEMENT GROUP

LONDON

CSFR Investment Management is a
market leader in institutional fond
management with a strong track
record, prestigious client base,
worldwide coverage and a stable
team of experienced professionals.
In order to maintain the company’s
solid growth record we are -looking
far two professionals to complement
foe team in the following areas:

CSFB

NEW YORK TOKYO

Senior Marketing work effectively within a loosely

__ , . structured team of highly motivated

Professional people, and be aged 3 * 40 .

Educated to at least degree level, you _ ._. _ ,

will have a proven track record Jn Inves tmen t trailer

developing and closinginsUtutional Wlth Q 2 years experience

«?snS5J5S5S- sefSSZS"-

SjS—3359X38!*

SjuS domestic products, such as managers in London. You *01 be

LUegs-bacMandW^d SS^^^SSlL

(3) Equities, convertibles and and foreign exchange markets

derivatives. together with their derivatives.

You should be able to structure and providing the investment managers

deliver these products at the highest with timely market information

levels. Written and spoken fluency in ' through close contacts with the

German is essential. One other major bond houses. The ability to use

continental language would be analytical computer software would

desirable. You should also be able to be a distinct advantage.

Bath positions are based in London, and hold considerable promise in
terms of remuneration and career development, dependent upon foe high
level of performance that we are expecting.

Please send your CV to Manfred J. Adami. Managing Director, or
fames Noble, Director, CSFB Investment Management Limited,

2 a Great Titchfield Street, London WlP 7AA. Tel: 071-322 3067.

FRIDAY JUNE 19 1992

Team Leader

Specialist Energy Team
Investment Banking Division

One of the leading UK merchant banks, Schroders is looking for an ambitious
team leader!o join the Specialist Eneigy Team within its Investment Banking
Division. The Energy Team provides financial advice to a large range of
national and international oil and gas companies, and is the market leader m
its field. '

As a Team Leader your responsibilities wiH range from managing financial
and technical analysis of energy sector companies to the generation and
implementation of innovative deals for clients and prospective clients and
maintaining dose woridng relationships essential for effective client support

The successful candidate will have between 5—10 years experience within a
UKGS upstream ofl and gas company, be a top-flight graduate who is highly
numerate and have already demonstrated outstanding achievement.
Candidates will ideally have experience of valuations and acquisitions of
companies and assets In the Energy Sector. The candidate will also be highly
motivated to achieve in the competitive merchant banking environment

The total compensation package comprises a competitive salary and an
attractive range of banking benefits. Opportunities to progress within the
Investment Banking Division, and the Schroder Group generally, are
excefterit

Please send your appfications, with full CV, to Pauline Luttrell, Personnel
Manager, J. Henry Schroder Wagg & Co Limited, 120 Cheapside, London
EC2V 60S by 20th June 1992.

Ill Schroders

Outstanding opportunities for creative, determined
and ambitious bankers.

Attractive Packages inc. Bonus & Bank Benefits London

Standard Chartered has developed a highly focused strategy and culture based on the provision of international banking
services to support cross-border trade and investment flows.

The emphasis is on providing the highest standards of service over a wide range of commercial and merchant banking
produces. The Bank is especially strong in the Asia-Pacific region, as well as Africa and the Middle East, and capitalises on
the strength of its international branch network and unrivalled local knowledge.

There is an immediate need for very bright banking team leaders and relationship managers to take pan in one of the
most exciting initiatives in international banking. The task is to manage and develop portfolios of medium-size corporate
accounts and market a wide range of products.

Team Leaders
Relationship Managers

Ref L2401
Ref 12402

The Bank seeks talented individuals, aged 28-40, with outstanding selling skills and sound credit training. A proven track
record in successfully managing international banking relationships is essential. Preference will be given to candidates
whose experience includes Asia-Pacific, Africa and die Middle East. Superior product knowledge and client handling skills
'are vital. Candidates must be proactive, energetic, tenacious team players.

Please write, enclosing full cv, quoting reference L2401 or L2402 to
54 Jermyn Street, London SW1Y 6 LX

NB SELECTION I2D - aNomimBroiKa ^eT Mh^iMTjatiooria seoda iedoo ro pany
U0NDCN 0714936992 • MANCHESTER * 0625 539953 • SU3UGH0753 M92Z7 • aBSKX.0272291142
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Secle Madrid

St- Paol (UK) es um emprcsa de seguros El soUdtance a

primaries dedkadaa satisfacer las oecesidades dd ser preferiHetnent*

merado espedalisci. Gracias a kw eafuerzos experto en d traco

reatbsadm -eu realzarlas rdadoracs cntue dkntes y experienda del me

Megnador mds alii delotradkaonal jren importanda igual;

introdudr un mayor grado de gestkin de calidad y de seguras. La pen

deptoteedda contra riesgos en nueam* prodnecos, pexspkaz en mater

gezamos de un perfbdo de gan into. gran fadlidad en io

Nuestros planes de expansion interaadonal U ambiddn y clai*

nos-han Ileeado a la adquiskidn de una pequefia fbmentarel negocH

e«|ttOMeaEspafiaoon4ofidnasyuaandminade Ala persona a<

A. 40 qapleadoB S»»< mUieadnn«s lemuneraddn gem

coUidstir&enadimQisCiacyexpandirelDegDdode condidones locale*

c oB fot aridad coa h cultura de Sc. Paul, introdu- co mpr endera un a

ciendo las Ifiieascomereiales existences ydesar- benefidos a nivd d

zo&aaduouevwproductns.Ibrluianto.suJtaxeas auaxn&viL

a baa ati n todos las aspectos de hs

operadones diarias, inclusive el control s

finanoicro, wentas y marketing tmp4e- «
mentadda de aastemas y admfaiiaaa- S
d 6 ndek» vecunoshumanos. b &s*-

Something out of the ordinary

El soUdtance a qui£n se ofitexca d cargo deberf
ser prefcrSbtementc de nadonalidad espafiola,
experto en el tzatn de personal y disfrutnr de
experienda del mercado espanol. Se ooncederi
importanda igual a b experienda en los negodos
de seguros. La persona en cuestii 6 a ddbe ser
perspicaz en materia de plamficackki, disponer de
gran fadlidad en Jos cdlcuio® aritm&icas y gozar de
la ambiddn y darividenda necesarias para
fbmentarel negodo.

A b persona adccuadaal cargo ofrecemos
remuneraddn genenm de acuetdo con bs
condicknes locales. La rerauneraddn
com pr endera un suefdo muy competitivo y 7 ^
benefidos a nivel de ejecutivo, inclusive un ' 1

auaxndviL

Sfrvase roandar su soBdtud
aThe Rasonael Controller,

St. Paul Management Ltd.,

27 Camperdown Street,

Loaches El 8DS.

The L|EK Partnership

Corporate Strategy Consultants

The LEK Partnership is a leading firm of strategy consultants. We work primarily for Charm en and Chief Executives on
issues of competitive strategy, corporate restructuring, and in the merger and acquisition field. Our cBents are major
corporations, Including household names in the field of financial services, natural resources, consumer products and high
technology. In order to sustain growth and meet the demand for our services, ere are looking for a number of highly
motivated ihdfvfduab to join us at bath the ConsuRant and Associate leveL

CONSULTANTS

Ideally you will be In your late 20's or early 3ffs, have an
outstanding academic record tnduding probably, though
not necessarily, an MBA or equivalent from a leading
U.S. or European business school, and significant
business experience with a record of achievement

Successful candidates will have tire intellectual calibre to
develop strategies in complex industries and the personal
stature to present these strategies to senior executives.
Initiative and leadership potential are essential.

ASSOCIATES

You win be a graduate, aged between 22-26, with 1-2
years' business experience. In addition to an excellent
academic record, you will have good quantitative and
communication skills. Languages are useful but not
essential

*T 'y'>rs • f? r

As members of small teams of highly motivated
professionals. Associates assist in the process of
research and analysis, leading to the formulation of
effective strategies tor ourefients.

Tba .position Is particularly^attractive to applicants
planning to go to business school in 23 years'time.

. We wish to attract candidates of the highest calibre and this is reflected in very competitive remuneration packages.

Please send applications tor
(Application deadline: July 15}

Sheila North, Recruiting Administrator (Ref. FT-C/A) .
The LEK Partnership
The Adelphi Building

1-11 John Adam Street, London WC2N6BW

London - Munich - Paris - Stockholm - Helsinki - Oslo - Copenhagen - Milan - Boston - Los Angeles - Sydney

British Airways Pensions

London

Fund Management - UK Equities

WShttsefs of over £4 bflKon under management, the British Airways
Pensions Scheme bone of the largest and best managed in-house mods
infhelHC

Therefe xn immediate requirement for an accomplished Fund Manager

to assume responsibility for the UK Equities Fund, which amounts to mvesnner

somc£Z 3 biffio 7 L compaiue

of commit

Reporting to die Investment Manager, the appointee will be a key and merit

member ef a small and talented group. The initial remit is to sustain -rmi,!

retunre abovethe Indexhut, over the Longer term, the goal will be

consistent upper quartfle performance. The chosen raateaoa

candi d ate Wifi have the latitude not only to formulate r

the approach toasset allocation within the UK Equities frgarjp TTa TMTimei

Fra4W also to make a major contribution to overall 23 IT.

iuvestteentpolicy. (Ly ASQOCffATEg

v Excellent Package

Educated to degree level, highly numerate and probably in their 30s,
candidates should have about 10 years' relevant experience, including at
least 3 years managing UK equities. A consistently successful track record
is a prerequisite; so we wiH be looking for proven ability to develop
investment strategies based on a rigorous analytical approach to
companies and sectors. Creativity, independence of mind and a high level
of commitment will be key attributes in this innovative, team-oriented
and meritocratic environment

The remunexa lion package comprises an excdlmt base salary, performance-
related bonus, car, contributory pension scheme and private health care

> Interested candidates should write, enclosing a

TME1E S Si detailed CV, to Roger Howell at the address below,
i giving details of current remuneration and quoting
[ATTESJ) reference number J17J.

MANAGEMENT SELECTION

52 Old Burlington Street, London W1X 1JLB Fax: 071-287 282L Telephone: 071-287.2820.

A GKR Group Company

The Law Society is committed to improving the controls on solicitors accounts and
ensuring that sole practitioners are complying with the Accounts Rules.

The Monitoring Unit Is looking for Compliance Officers who will be responsible for
visiting firms of solicitors to verify compflance with Accounts Rules, advising on corrective
action and providing advice.

Your training and experience should include education to degree level and/or a
relevant professional qualification such as Law, Accountancy or Trading Stands rds.Personal
qualities required include tact authority and good communication skids.

The Monitoring Unit Is based at the Law Society's prestigious headquarters In Redditch
and you should be willing to travel extensively to all parts of England and Vtoles

In addition to a competitive salary, benefits indude a car. private health insurance,
pension and life insurance. 25 days hoHtfay and a subsidised staff restaurant

Application forms can be obtained from Barbara McKetvey, Personnel Manager.

The Law Society, 50/52 Chancery Lane, London WC2A1SX. Telephone; 071-320 5629.
Closing date fbr return of applications is 3rd July 1992. All applications will be acknowledged
within seven days of this date.

For a more informal discussion, contact Bob Butler, Head of Monitoring unit text
3320) or Stuart Bushel!. Deputy Head of Monitoring Unit text 33B3) on 0527 517141.

The Law Society is oonvrttted to Equal Opportunities.

Managing Director - Derivatives Broking

Centra/ /London

Substantial package with equity participation

. Thi s inde pendent Gty-based international
investment group continues to enjoy an enviable
record of growth and profitability. Wrth interests
including asset financing, fund management ,
equities and treasury management, they are among
the leaders in their field.

The g roup now seeks a key /ndiv/duaJ with the
entrepneneuria/ skffland vision to head its
Oerfvatrv^s Broking subsidiary.

The successful candidate , who will already occupy
a senior position within this industry, will have full '

Euvopolnt

5-1 1 Lavington Street
London SEI ONZ

responsibility for all aspects of running the
subsidiary.

The package on offer w ill fully reflect the
importance attached by the group to this
appointment and their commitment to the
success of the new business.

Applicants interested in finding out more about
this outstanding opportunity should telephone
Jonathan Cohen , on 071-945 6051, or fax
071-945 6054, or write to him enclosing a
detailed CV at the address below .

Tel: 071-945 6051fZ/3
Fax: 071-945 60S4

SEARCH AND
SELECTION LTD

THE LAW SOCIETY

Fixed Intone Salts - fiernaaj

' BZW is one of the world’s leading investment banks and rapid expansion
in the Bonds division has created a vacancy for an experienced salesman
to join a team dedicated to selling gilts, eurosterling and international
bonds to mqjor German institutional investors.

Suitable candidates are likely to be graduates with a minimum 0 f three
years’ experience in a major investment bank.

Fluency in German and English is essential .

BZW can offer an attractive remuneration package commensurate
with experience.

Applicants should reply in writing, enclosingsfuE CV to;

Katushka Giltsoff,

Director Personnel Markets, BZW,

Ebb gate House, 2 Swan Lane, London EC 4 R 3TS-

SBN&fe': V: •

. . .■ •..

«KVi"rOt—--v. ~ ...

^TNANCIAL TIMES FRIDAY JUNE 19 1992

i Irish Life

Head of Fund Management

Dublin

Due to co n tinued development of Its investment management
business there is an Immediate need for a senior i nv e s tment
m a nag er to head «p a large hind management operation.

Compliance Manager

Bine Chip UK Fund Manager

To £40,000 + Banking Benefits Cit

New position, budding from strength. Opportunity for lawyer with solid
Financial Services experience to assist the Head of Compliance.

XHECOMPANY

^ Publicly quoted major life assurance group.

• Leading its market in Ireland and operating in
huropc and the US.

^■ in excess of £5hn of assets under management
and market capitalisation of JE600m.

^ Rep utation for Innovation and excellence.

TEQE POSITION

Head of Fund Management, taking responsibility
tor global asset allocation, investment policy and

• process.

❖ Key o bjective will be the adiievement of ambitious
pofonnance targets across equities, bonds and treasury.

Reporting to Chief Executive-Investments in a
highly visible role. Directing sizeable professional
team.

QUALIFICATIONS

^Graduate calibre with at least 10 years' relevant
investment experience.

«8> Must have strong understanding of investment
markets and Ideally some quantitative experience.
Performance driven, with energy, enthusiasm,
judgement, sound commercial instinct and vision.

Please write, enclosing lull cv, Ref LL2404
54 Jermyn Street, Toxsdon, SW1Y 6lX

THE COMPANY

Premier, UK-lrasod investment manager. Major
subsidiary of financial services group.
Outstanding record of funds performance and
growth, both UK and international.

Compact compliance function operating to the
highest professional standards.

THE POSITION

Provide consultative guidance and interpretation of
IMRO, Sill & SEC rules.

<S> Lead training initiatives for Ijoth Front and back
office staff.

NBglJiC^lONnP-afforp^BroaKlbeMlnterCTttooHaswfirtatedaxnpany
UNION Cm4956392 • tHBMINGHAK 021^34656-SOUGH 0753 819=27-BBZCTOL OT72 291142
CtASGOW 041 2044334 • ABERDEEN 0224 638080 - MATKEKSISK • 0fi23 5SWS3

Quantitative
Systems Analyst

London

Base £30k

Our dient, a recognised leader in Investment Banking, seeks to appoint a
graduate experienced in database management, with particular emphasis
on the computation of finandal indices and market data feeds, to work
within its Equities division. Some programming experience in a high level
language, such as ‘C or Fortran, would be advantageous and 2 to 5 years'
experience with financial data analysis is preferred.

The successful candidate will work closely with the trading desk to support
proprietary positions and actively interact with clients, salespeople and
stock exchanges.

In addition to the. at tractive salary, the post offers a bonus scheme and
investment banking benefits.

Please write in strict confidence, enclosing a full CV and listing separately
any companies to which your application should not be sent, to:

Geoff Selby (Ref. GR/16), Vine Potterton Limited, 152/3 Beet Street,

London EC4A 2DH.

VINE POTTERTON

RECRUITMENT ADVERTISING

Money Market Sales-

(ECP)

Already the leading Eurocommercial Paper/Money Markets
bouse. Citibank Capital Markets team is continuing to expand its
business throughout Europe.

As a result, a sales professional with at least 2/3 years experience
of Money Market products gained from a leading house is now
required to join the team. The position, based in Citi1niik Ix»doa, will
require frequent travel

The ideal candidate will be client orientated, self motivated and
work well within a close-knit team.

A European language will be mi advantage.

Please reply to Brian Woolley, Managing Director, at Citicorp
Investment Bank Limited, PO Box 200, Cottons Centre, Hays Lane,
London 5E1 2QT.

C/77BAAKO

We are an equal opportunities employer.

TEL: 071 6 o <S 5286 F AX: 0 " 1 582041

|,:.!in Rn'.vc Av'.'i-iiC' L ; -' i,L

■Hntisc II ilium:;. 1,1 sir.vt i.mniim J : < r>l 'V:

SAL.' RY/COMMISSION - SHARING

Small highly professional and friendly Stockbrokers, specialising in
the active manag ement of advisory and discretionary private client

funds seek comirassion sharing brokers with managed fundsvMing
' to participate in the development and expansion of the firm.

Own settlement - SE and SFA member
Write Box A1724. Financial Times,

■ • Qno Southwark Bridge, London SE19HL |_

-- appointments wanted

Appointments
Advertising
Appears every
Wednesday & Thursday
(UK),
and Friday

(International Edition)

0

HANDS ON PROBLEM SOLVER AVAILABLE NOW

High calibre 40 y/b finance/development director seeks new short or tong-term chaltengo(s).
Broad international experience Includes Acquisitions, Divestments. Refinancing,

Listing, Strategic developments, Corporate PR and

regulatory Issues

: vwta hi coitManco to: Box A 1 SW, RnandaJ Timas. One Southwark Bridge. Lontton SET 9HL

MANAGERS FOR CULTURE
CHANGE

The changes in the world today call for new
thinking, new relationships and new knowledge.
Those who intend to be leaders in the 21st century
are already in the process of transforming themselves
and their organisations. The leadership of these
organisations needs outside support.

We are looking for mature individuals, men and
women, who have experience in management, who
have been successful at producing results and who
are willing to challenge their own attitudes and
beliefs about people in organisations.

This opportunity will require a rigorous selection and
training programme. It will be of interest to those
people of experience who can see a new future for
themselves and who are willing and able to Invest
some time in preparation for that future.

Send only your name, age, previous position titles,
languages and a statement of what attracts you to this
opportunity. Please do not send a CV.

MCMASTER & ASSOCIATES, BADGERS,
BXGFRITH LANE, COOKHAM DEAN,
BERKSHIRE SL69UQ

INTEREST RATE
OPTIONS TRADER
to £50,000 + Banking Benefits

OurdlenLamajorUKbanivistooIdngtostrengthai

their interest rate options desk by appointing an
additional trader. The position wfi] involve quoting
USD, DEM, GBP products to the interbank market,
identifyingand executing profitableoption trades,
and assisting in the marketing of option strategies
to an active customer base Successful candidates
should have at least 2-3 years relevant experience
and the ability to develop their skills into other
currencies.

Please contact Tim Sheffield on 071-6231266.

Jonathan Wraa & Co. Urotod, Rmh« 3»I Requgamit C o —itan*
Nal Mew Stmt. LoodoaECa>faTP T«L 071-6231266 Bn. 071-626 SS9

JONATHAN WREN

Registered

Representatives

Waters Lunniss and Company, part of the Norwich and
Peterborough Group, is a member of the London Stock
Exchange and The Securities and Futures Authority.

Due to our continued expansion opportunities have been
created for SFA Registered Representatives to be based in
Peterborough, Nottingham and Northampton.

You are likely to be in your mid-twenties to early thirties, have an
outgoing personality and be of smart appearance.

Please apply in writing, with full Curriculum Vitae including
salary details, to:

R.J. Lamer
Managing Director

Waters Lunniss and Company Limited
2 Redwell Street
Norwich NR24SN.

A member of the Norwich and Peterborough Group.

WATERS LUNNISS

INSTITUTIONAL SALES

Pacific IrsemstJonsl Seem&ka Inc, is a fall service fatanatnxul uveuwa

dealer wring imiiniral and nadl dknts iradMde.

Ws tic expsorfin* oar n scari ng highly motivated faultiiluiiiil

' Exmpeu a

Tte candidates should be highly lintymlmt with a proven back rawed sad solid
■rodjdcat akiTh. Yon wM be anp po ned by a Bang research and c ra pa r s t c finance
torn. ‘Dna ponaon often a vwy mnafvc i c n a Wfit ion package m rin fin g one of ihe
U^hm OOAMatedcn payuaa.

CafidatraahnDMHauhra&xifacMSdHKniticfrCVsrri tamings hiraay by toe
1992 bk

M&BcttQwi tfa OBOc dii .BA.CFA

15th Root;700 West Georgb

Vmoomw.BC. Canada V7Y1G1

Phoa« 0201 (004)064*2900 Ac0101 (604)664-2666

Pacific International

Securities Inc.

VANCOUVER • ZURICH • LONDON * HOMO KONG

Mem box: Sacnritira A Futures Association UK; Invonnvat Dealers Association;
Vi mi^ w a Toiqattx Alberti Stock E x chgiyr b vr Fi nario eCw to.

O Research and strengthen procedures and
monitoring programmes. Provide ad lux: legal

odvicu on investment-related issues.

QUALIFICATIONS

<&• Lawyer, aged 27-35, with at least two years'
experience of F5A requirements, possibly gained
in investment management.

Organised, self-starter with strong technical skills
honed in a City environment.

«> Clear communication skills. Capable of advising
senior management and taking a commercial view.

Please write, enclosing full c v. Ref L2410
54 Jermyn Street, London, SW1Y 6LX

P!BSB0BQa0WIJD.aNoananBroadbcral«weriia>lo na laaw r tai rd e j «y ouy

LONDON 0714» 69» • BIRMINGHAM qa 333 4656 - SLOUGH0753 819827 • BBSIOLOQ72 29U42
GLMQOW041 20*4334 - ABERDEEN 0224 638080 - MANCHESTER - 06» S»9®

BARINGS

MEXICO

CORPORATE FINANCE

Barings axe leaders in the management of international equity issues for
Mexican companies. We are active also in financial advice, M& A and other
forms of corporate finance. We are exceptionally well placed to take advantage
of the opportunities available to us.

We now wish to expand our successful team with an additional
experienced corporate finance executive.

Candidates, aged between 25 and 30, will have at least 3 years relevant
experience in merchant banking, accountancy or related disciplines. Fluency
in Spanish is essential. The job wfi] be based in London. Frequent travel will be
expected. In the longer term, a posting to Mexico or to another country in
Latin America is likely.

Remuneration will be highly competitive and will be negotiable according
to age and experience. Other benefits include mortgage subsidy, non-
oontributory pension scheme and BUPA membership.

Write in confidence enclosing a full C.V. and details of current
remuneration to:

Miss S. J. MU bank. Manager, Personnel Department,

Baring Brothers & Co., Limited,

8 Bishopsgate, London EC2N 4AJE.

Bernard Krief Consulting Group

' has openings, for

2 Project Managers
6 Senior Consultants

The successful applicant must be an
experienced consultant in the following
fields:

• Operating audits

• Structural reorganizations

• Strategic restructurings

• International marketing

• Financial audits

• Privatization

He must be able to work in English and
French (knowledge of other languages,
especially Russian, will be considered
an asset). _

He must have shown successful H
experience in an internationally known mr

Consulting firm working for large

The applicant is offered: the opportunity to
satisfy tils ambitions by applying Bernard
Krief Consulting Group’s creative approach
to problems; trips to interesting countries
(Europe, Africa, Russia), real opportunities
for independence and persona! improvement
(N.B. The upcoming assignment concerns
Russia).

Please send your application under
ref. R 28 K/FT to Bernard Krief
Consulting Group, 115 rue du Bac,
75007 Paris. Fax.: 33.1.42*4.10.72

Bernard Krief Recrutement

V* Hpuiliniil J* htii'i trill Caaialllif Graap

i i yji .v, i\ i-i i\u j

Japanese Bank Subsidiary in
London seeks a junior bond trader
(csdy twenties). Ax least one yen's
experience on Band trading desk.
Graduate preferred, comparer
Htcnte, languages masKL Rondon
requires committed individual
seeking to develop a career in
Financial Markets. Please send
GV. and letter to Box No A1870,
Financial Times, One Southwark
Bridge, London SE19HL.

r.HTFTTT aW Jrr!:.w

A lessoned executive with proven
experience si Mfcfiqg and managing ■
national sales force for the direct
Marketing of a eoaramer product.
Experience in financial services

MpfaL The iqipUcmewa haw m ajor
compa n y ex p e ri ence bat wfll hara She
.eMrepreoamkl personality necessary
for s young company. Basie pins
bonus la unlikely to be leu than
£150,000. StricMt confidence wCB be
observed. Phase write m Bos AI86%
Financial Times, One Sonthwaik
Bridge, London SEl 9HL.

CHAIR IN
INTERNATIONAL
FINANCE

The Urtvwsity ol Strathclyde bivtes applications tor
a Chair in international Finance In the Department o! Economics
to complement ongoing research within the Department. The
successful cancUdate wS have sn estabfisfted reputation in
international flnancs research and a proven abffiiyto Initials
resomch and gonaratu research funding.

For application form mod further particufoni ^

(Rtf 81/92) contact tbs Pwnonnol Offlca,

Uirivnraay of Strathcfydt, Gtatgow G11XQ. PumM
AppBcationa closing data: 16th July 1992.

UNIVERSITY • OF

STRATHCLYDE^^

CITY SOLICITOR
With Esssom Einqpem expertise
tod languages seeks position in
law firm or financial institution.
Write to Box No. A1871.
Financial Times, One Southwark
Bridge, London. SE19HL

SENIOR BANKER

Req uire d for UJC. Bank with in-
depth knowledge of, and
personal contacts in, Nigerian
Market.

Other requirements include:
Marketing, Trade Finance,
Credit, Operations and
Administration.

C ta ntpe d rivc salary pins benefits.

Detailed C.V.'s please to:

Bex A1874, Financial Tunes,
One South wazic Bridge,

London S619HL

ECA. 0Pr CR T L,iT'ES EPlOVER

Corresponding with the e xpu lsion of its trufing divisaoii, oar client, an
mlcrn at i oo aHy operating Swiss company, spccializmg in cooalcrtndc
«■* f-TS eramtriws, »%«*■ ■ iwqqp

SENIOR BUYER

wbh mnhi^otsaal psovea experience m dm trade of TVafis snd Coommer goodi.
Besides a good knowledge of the European and Fxr Eamem supply markets,
the poshion d e m a nd s stregg p^otistmg qmHiies as weD as rite c ap ab ilit y to
work effickndv whim n small umm of ymtiirt ApjrikanB iboold be
willxng to perform extensive travelling and ought to speak English and |
German fluently. Additional knowledge of Rnzrian slndfor other Boi ope sn
Imgnagns is wcicooac.

The position, which reports directly to the management of the trading
drrisko. oflfots excellent career opportunities.

Please send your tetter of appKauian logetber with supporting documents to
HTW, P.O. Bax 783, 80tt Zflrich TMC, Switzerland, attention Mr M.
HmnbcL

APPOHfTllENTS WANTED

FUTURES & OPTIONS SPECIALIST

- Series 03 Ex a mrni»ti on. Business School, Management progun

- Extensive aqwrientt; in trading (American/English futures &
options).

-rniwmttyuHiririttg far one of the leading American c om pani e s
in this industry .

- Pl ffwvy in fti g iiah /fteKan. wodrinp knowledge of German and
Breach, ctxapubsr pn^deocy.

- Seeks a suitable positioa (Banks, Hmdg,etc.).

Write to Box A1872, Rnancial Tunes,

One Soutiruttok Bridges, London SE19HL

FINANCIAL. TIMES FRIDAY JUNE 19 1992

Abu Dhabi - U.A.E.
Financial Controller
FCA

A major highly diversified and rapidly growing
investment organisation invites applications fro®
qualified accountants with sound experience of
Banking, Treasury Products and Computer
Systems.

This is a hands-on role requiring good
communication skills plus a high degree of
computer literacy providing financial management
information support to the operating departments.
The incumbent should have a minimum of 5 years
banking experience and shall be able to restructure
and develop modem Accountancy systems and
techniques for the organisation in a fully
computerised environment including projected
budget and procedures of result follow up.
Application including a full C.V. with copies of
academic certificates, experience certificates,
passport and a recent photograph should be sent
within a fortnight, addressed to:

P.O.Box 46746
Aba Dhabi
UAJE.

ACCOUNTANCY COLUMN

Mid-size marriage of convenience may set trend

By Andrew Jack

A RATHER unusual volume sits
among the untouched tomes an inter¬
national tax treaties and accounting
for leases on fha Financial Times’s
bookshelves. In the last few days,
with the announcement of a merger
between Stoy Hayward and Finnic's,
two midsized firms, its spine has lost
the normal covering of dust

The casual reader- is in for a sur¬
prise when browsing through the
book for the first time. Inside the
glossy red cover, emblazoned with
favourable reviewers’ comments, the
contents leave something to be
desired, being nothing but blank
white pages. Only on re-reading the
title, does It elide for this is “The
Stoy Hayward Guide to Mergers hi
the Accountancy Profession", pub¬
lished as a joke in 1989, when many
rival firms were in the midst of inten¬
sive discussions oh coming together.

Stoy, in contrast, had remained res¬
olutely Independent and aloof freon
the trend since its previous ’’merger”
back in 1974. Even then, it only took
in a two-partner practice. Over the
next 15 years it resolutely refused to
entertain any further such activity.

For affidanados of the new Stoy
merger now underway, there are sev¬
eral additional ironic twists to the
firm’s book beyond the title and its
lack of content Its authors are John
Piper - one of the partners brought
in with his practice in 1974 - and
Adrian Martin, the current managing
partner, who was central to the
merger with Finnic this month.

One of the comments from a
“reviewer” on the back page - who
says, "We are proud to have been
involved as sponsors tor the research

material .jq this excellent book" - is
by Douglas Llambias, a consultant
and professional Tnaf f *^ Tng k p - r among
-accountants, who helped bring the
two firms together over the last few
m onths.

But what Finale's and Stay's part¬
ners might be more nervous about
today is the description of the con¬
tents printed inside the dust ja c k e t of
the book. The “guide", it says, tongue
firmly in ch eek, demonstrates how to
reach the right decision “without
being confused by non-important fac¬
tors such as money”. Mergers, it
argues, axe being driven by rising
rents and an anticipated shortage of
good, partners. They allow successful
firms to achieve key features of their
strategic plans. But the pitfalls are
usually only discovered once they are
perpetrated.

The two sets of partners might be
gH ghtfy tmeasy at that particular jibe,
but they cannot disagree entirely with
Us arnbah

If would be too easy to dismiss the
Stoy-Finnie fink-up as another merger
on mv-nwifir H- tahiff terms. So many oth¬
ers in the last few years have been
driven - despite the rhetoric of “stra¬
tegic reasons” - by the inherent
weaknesses of at least one of the two
firms involved, saddled perhaps with
expensive potential litigation, high
debts or a declining practice area.

Now, with the impact of the reces¬
sion far deeper, and competition
between firms tor clients so intense,
for Stoy to merge is surely a way to
boost its Income. Finnic has several
tempting quoted clients it could take
on board, including the Body Shop.
Squally, as critics have not been slow
to point out, Stoy a re p ut a tion
as something of a whizz-kid firm dur¬

ing the 1980s, becoming auditors to
several high-profile companies sot in
disgrace, such as the Levitt Group
and Pdly Peck International.

Perhaps the merger gives the firm a
chance to redeem itself with a broader
portfolio of safer clients. Several fac¬
tors veer away from such a purely
negative spin on the merge-, however.
The most significant is the feet that
Finnie approached Stoy. not the other
way round. Stoy is believed to have
turned down a number of merger

The number of firms
of similar size
currently offering
comparable services is
probably unsustainable

approaches over the last decade. Fin¬
nie was the only one that ever got to
an advanced stage of discussions, and
it claims that Stoy was its first choice
among three attractive candidates.

That choice only came after a
detailed scrutiny, under confidential'
tty agreements, of documents includ¬
ing toe partnership accou nts . Infor¬
mation on litigation and the technical
working papers surrounding some of
the more controversial audits.

Similarly, if Stoy only wanted to
gain clients, it would have to swallow
tiie extr a overheads of additional Fin¬
nie professionals, since at least on
paper the new, enlarged firm riaims
there will be no significant job losses.
If senior staff are removed in the com¬
ing months, that could also jeopardise
the relationship with moating clients
and risk them moving elsewhere.

In spite of these arguments, it Is, of

course, possible that Finnie rather
than Stoy needed to merge in order to
survive. As the twentieth largest firm
by fee Income, it is no doubt suffering
a squeeze on business, partly gener¬
ated by aggressive tendering by some
of its larger competitors.

AH the two firms will say - ambig¬
uously - is that their profits are at
about the same level They do not
deny that a huger client base was
aiming the most attractive aspects of
the merger. They also state that the
combined firm is profitable, with low
gearing and a strong balance sheet

But Mr Adrian Martin also malms a
point of stressing that Stay was
attracted by the fact the merger
would have little impact on the firm’s
position as number eight by size. The
two firms snggttt that their cultures
and approaches to the provision of
professional services are compatible.

Whatever the truth in these argu¬
ments, there does certainly appear to
be some strategic logic behind the
merger, which was not always so
dear in previous examples. Stoy is a
London-based partnership, with asso¬
ciates around the country. For several
years it has been considering how to
expand from its West End office into
the south-east Finnie is essentially a
south-eastern practice, which has
built up a network of 10 offices in the
M25 region around London. Its local
strength makes it very attractive as a
way for Stoy to expand in the area. At
the same time, Stoy recognised a
number of strong aspects of Finnic’s
operations that tied in with Its own
strengths: In insolvency, property
work and corporate finance Including
work on the government’s Business
Ri pandnn Scheme.

Finnie makes no secret of the feet

that it was finding it difficult coping
with clients with operations outside
the south-east. Without the nation-
wide network it now kas. H wm
forced to refer these clients to Inde¬
pendent accountancy practices m
other parts of the country.

How well the merger will last over
time, in terms of both client andstaff
retention, cannot yet be judged. There
has already been modest fall-out Mr
Chris Benbow, former senior partner
at Finnie and a man intimately
involved in the early discussions, left
“to pursue other interests" a Jew
weeks ago. Finnle’s Beverley office
ajsn remains outside the new network
of associates around the UK.

What seems certain is that the
shake-out of mid-size firms is fer from
aver. While different types of clients
have different needs, the number of
firms of similar size offering compara¬
ble services is probably unsustainable
in such a competitive environment

Whatever the reasons, the number
of mergers and acquisitions does not
seem likely to diminish. A recent sur¬
vey by Michael Page, financial
recruitment consultants, suggested
that a growing proportion of small
practices anticipate selling out or
merging. Last month, Ernst & Young
announced the acquisition of a 12 per
cent stake in Waif-has. a small strate¬
gic consultancy firm. Another merger
Involving mid-size firms is rumoured
to be announced shortly.

The reasons for this activity may all
be different, but the trend Is the same.
In another year partners in Stoy Hay¬
ward may still, evaluating the .success
of the merger. But the pages of a
second edition of the Stoy guide in
two years’s could be somewhat
more detailed.

ACCOUNTANCY APPOINTMENTS

Finance Director

Birmingham
£30,000 + Car

Our diene is a market leader in the capital
equipment manufacture and hire sector. This
£20m t/o Division is pan of an £85m t/o FLC
with a successful grow th record in bodi
internati o nal and domestic markets.

This is a newly created position designed to add
finanrial weight and experience to an
established management wam. You will be
pro-active in toe development of the finance
function in two locations.

You wxU be a qualified accountant, an
accomplished decision maker, with strong
int er personal and management skills. You will
have a proven trad: record of managing change
in a senior management position preferably in
toe manufacturing sector.

Contact ABson Hartftt on (021) 431 4211 (P*j) or
(0299) 270541 (Evenings A Weekends). Write to
Neville House, 14 Waterloo Street, w«»

B2 5TX or fin your CV on (021) 643 7305.

BADENOCH 8. CLARK

recruitment specialists

GROUP FINANCIAL CONTROLLER
(FINANCE DIRECTOR DESIGNATE)
Wiltshire Excellent Package

JPI Group is a fast-growing group of
companies building a market leading
business in the leisure sector. Continuing
future growth prospects mean that there is
a need to recruit a new Group Financial
Controller wbo will progress to the position
of Finance Director.

The successful candidate is likely to be an
energetic Chartered Accountant with at
least 2 years post qualification experience
He or she will be expected to make a
significant commercial input to business
decisions as part of the role.

Candidates should apply in writing with a
full cv to:

Huw Watson
JPI Group limited
Brinkworth House
Brinkworth
Nr Chippenham
Wiltshire SN15 5DF

HOVE

As one of the twelve Regional Electricity Companies,
SEEBOARD pte supplies electricity to around 2 million
customers In South East England, and Is one of the
-largest businesses in the area.

Following a promotion,-the Financial Planning section is
now looking to appoint another Senior Financial
Planner. This section is responsible for providing
financial plans, budgets, forecasts and analysis to
Directors and Senior Management, which are vital to the
Group's financial strategy and relationships wife the City
and the Industry's regulator.

Reporting to the Head of Financial Planning, Budgets
and Forecasts, your main brief will be to contribute to
the overall production and documentation of financial
plans for Senior Management You will have direct
responsibility for challenging and analysing the activities
within SEEBOARD's Trading businesses, which have a
turnover approaching EIQOm.

The opportunity of operating within the electricity
industry’s regulated environment, whilst responding to
the new world of privatisation, will allow you to fully
develop your abilities and initiative.

SEEBOARD

Doing a power of good

c £30,000+, plus car

You should preferably be a qualified Accountant with at
least 3 years post-qualification experience in a medium
to large Company. You will be able to demonstrate a
proven diplomatic but tenacious approach to obtaining
information and explanations whilst displaying a high
level of numeracy and accuracy, and be able to work as
a member of a small, highly committed team. A logical
and methodical approach to complex problem solving is - '.

essential. PC skills would also be an advantage,
especially a working knowledge of Lotus 123, although
training will be given where required.

The Company has recently undertaken an extensive
Management Review exercise and this post is included
as part of this process. Salary will be £30K + and, in
ackfitiorT, we offer an excellent benefits package which
will include a company car. The Seeboard Head Office
operates a “No-Smoking" policy.

Please apply In writing, enclosing a full CV and
stating current salary, to Helen Sutton,
Recruitment Officer, SEEBOARD pic, Grand
Avenue, Hove, East Sussex BN3 2LS, quoting
vacancy number 4668. Closing date for
applications Is 30 June 1992.

SEEBOARD pic is committed to a policy of Equal
Opportunities.

i

B-B C

Systems Accountant

Network Television

c S35k

Network Television, an orga nisa tion with a cost base of approximately &760
million, is undergoing a period of rapid structural and systems change.

Central to this is the implementation of new computerised accounting
systems on a network of Unix based mini computers having in of 1000
linked terminals. To assist in the implementation and subsequent development

of this system a high calibre systems accountant is now required.

Die successful candidate will have proven systems implementation
experience and will almost certainly be a qualified accountant. Strong
interpersonal and communication skills are essential, as is sound judgment,
and the personal credibility necessary to earn toe respect of senior operating
Tnanagumwi t

Based Television Centre, West London.

For further details please contact Julian Eldest, Accountant

Television on 081-743 8000 ext . .

For application form please contact (quote ret 1Q285/F) BBC Corporate
Becndtment Services, PO Box 7000, London W12 7ZY. Tel: 081-749 7000
Mtnleom 081-752 5151.

Application forms together with a current QV should be returned by July
2Ti<L _ WORKING FOR EQUALITY OF OPPORTUNITY

FINANCIAL TIMES EUROPE'S BUSINESS NEWSPAPER
non hire pan <Tuq accord pubQdufrc me
IXS ECHOS

le qaotitficn de rtamonde le ptu» fcaponux en France. Unc annaore 4m h nttxiqw “Offra JEapfei

ImcTMti mnWYbifK If

FINANCIAL TIMES« LES ECHOS u&nataa dc fi^oa nbmSelc Input dc vane nangc ht la cadre* kUrifeanu ca Europe. Claque
kaaHK la unonces paraftroai dun ia Echos k midi cl dan k Fmanoal tom la acrerc# (lc»a>dredi dm rEcSoon Inienadnakda
Fwanrial TmalFoar dc pin* aapla wn a dgNCW U. wcnfllaz comnr •'

STEPHANIE COX-FREEMAN
071 873 4027

The Top
Opportunities
Section

appears every
Wednesday.
For advertising
information call:

Stephanie

Cox-Freeman

0718734027

Elizabeth
• Arthur .
0718733694

KHSS

in International Banking

ACA/ACMA/ACCA >

Excellent package + banking benefits

A portfolio of innovative products
and services, matched by a presence in .
all the major financial centres; serves
to maintain J.P. Morgan’s reputation as
one of the world’s premier banking and
securities firms.

Our on-going implementation of a
European-wide Audit approach, has
created vacancies within the London
based Audit team. These offer high
calibre individuals the opportunity to
take a proactive role in shaping the
nature of this integrated pan-European
function. Our approach is risk-based
and offers a unique insight into the
complexities of the various business
areas. For each of the products
handled by the firm, an in-depth
assessment is made and sophisticated
control techniques are applied.

Working on a wide variety of
assignments, you will be exposed to the
most critical areas of the business and
most of the products that are prevalent
in today’s markets.

The positions reflect the truly
international opportunities which J.P.
Morgan can offer to ambitious young
accountants. As the department
develops, regular travel to the major
financial centres of Europe can be
expected.

A first or 2:1 degree in any subject,-
first time passes at the professional :
exams, creativity and a quick graSfiof
concepts are crucial. Applicants should
be recently qualified (with up to three
years’ PQE), and have an aptitude to -
communicate at all levels. A well-
rounded personality and a strong
desire for results is equally essential.
J.P. Morgan is a meritocracy where
progress is dictated solely by your
abilities, achievements and personal
ambitions. In the longer term, career
options will exist throughout the
Bank’s operations.

In addition to an excellent basic
salary, benefits include a car
allowance, mortgage subsidy, profit
sharing bonus scheme and the
opportunity to develop an exceptional
international business career.

For further information in strict
confidence, please contact our advising
consultants Brian Hamill or David
Craig at the offices of Walker Hamilt,
on 071-287 6285. Alternatively
forward a brief resume to the
London office at 29-30 Kingly Street,
London W1R 5LB, quoting
ref BH223.

: v.

JPMorgan

EmUMnd 1814

NEW QUALIFIED ACCOUNTANT

HAMMERSMITH -
c£21,000 AAE (+benefits)

Young chartered/certified accountant reqd to cany out the accounts function of
an associated company within busy Accounts Dept in long established financial
services group; close to Stamford Brook tube. Duties incl. sales ledger;
commission payments, management/financia! accts and contributing to system
enhancements. Applicants must be computer numerate with strong analytical
and organisational skills.

Please write with full CV to: D Saxon, CPA pic, 350 King Street, London W6 ORX

(No Agencies) , .

V-VF-' .

ANClAt TIMES FRID AY JUNE 19 1992

PRLDBslTlAL

Financial Analysis Manager

To £50,000 + Benefits

Central London

•• fo^rtfential Corporation- One nfthewnAFs flnflfirifll services gr m ips t

a superb analyst for a highly visible role in the corporate head
' ' . oflfee finance departme nt , with excellent career development po tentia L

4a^ P 5 Sm ° N . QUAUHCAHONS

vwo^amg incisive analysis of financial performance, Outstanding graduate accountant, aged 2
budgets and foreosts of operating divisions. superb financial analytical skills and experie

^ on acquisitions, divestments, from a large International group.

capflai appraisal and investor relations. ^ Self-assured, resilient. diolomaoc personality

*5 gular ®xposure to main board and divisional
directors.

QUALIFICATIONS

g> Outstanding graduate accountant, aged 28*33, with
superb financial analytical skills and experience, ideally
from a large international group.

^ Self-assured, resilient, diplomatic personality with clear

presentation skills.

^ Ambitious and ready to work long and hard in a
demanding environment.

Please write, enclosing full cv. Ref BL2512

NBS, Bennetts Court, 6 Bennetts Hill,
Birmingham, B2 5ST

VsCJ mxjo. ■

>KSBLBCOOWHD-«Woct na nBro« d b g*Imein at kin » Jawoclo i ed comp a ny
B0RMB4GBAM Id 23346S6 • IONDCN 071499^92 • SUXJI3H 07^819227 • BSSIOLOZ72 29114Z
GLASGOW Oil 2&44394 »AOTDBEN 0224 638080 "MANCHESTER* 062$ S39953

Assistant Controller

U.S. multinationaler
Konzern

Frankfurt/Main

DM ma rktge reck tes
G eh alt

Unser Auftraggeber ist ein weltweit operierendes und fuhrendes
Untemehmen im Diensdeistungssektor. Qualitat und Service rind
LeitsStze, welche die erfolgreiche Strategic des Untcmehmens
bestimmen. Einem wirkungsvollen Controlling kommt eine
Schldsselrolle bei der Absicherung des geschaftlichen Erfolgs zu. Zur
Unterstutzungdes finanda] Controllers der deutschen Tochterfuma,
mit Site in Frankfurt am Main, suchenwir eine Oameodereinen Herm
als Assistant Controller mit der Mdgiichkeit, inner Kalb eines
Zeitraumes von 2-3 Jahren dessen Nach/oige anzutreten.

Tatigkeitsschwerpunkte des Stelleninhabers werden die Leitung des
betriebfiehen Redinungswesens, die Verantwortung fiurdenTreasury-
Bereich sowie die Weiterentwkklung von Accoundng-Systemen sein.
AuBerdem gehflren die Analyse betrieblkrher Daten und die Leitung
des Berekhes "Steuem" zu den Au/gaben des zukunftigen Assistant
Controllers.

Der ideate Kandidat ist zwischen Anfang und Mitte30, hat die deutsche
Staatsangehdrigkeitund hat ein Studiumder Betriebswirtschaftsiehre
o.a. absolviert. Er ist geprufter Bilanzbuchhalter Oder "Qualified
Accountant" und hat bereits Berufserfahrung, vorzugsweise im
Dienstletstungsbeceich, zu bieten. Dabei ist ihm ein Mainframe
Accounting-Umfeld nicht fremd. ErwQnscht ist auch praktische
Erfahrung im "Treasury-Bereich" und auf dem Cebiet der
Buchfuhrungund Bilanzjerung. SehrguteKenntrussederrelevanten
deutschen steuenechtlichen Vorschriften rind zwingend erforderiidi.
Die Tagesarbeit ist gepragt dutch die Notv/endigkeit zur Teamarbeit
und dutch stzaffeZritplanung. Sehrgute EngHschkenntniase undPC-
Erfahrung runden die von uns gewunschten Voraussetzungen ab.

For further information in strict confidence contact Robert Walker
or Brian Haodll on071-2876285 (evenings and weekends 0903884649).
Alternatively, forward a brief resume to our London office quoting
Ref: RW 7254.

WALKER HAMILL

Financial Recruitment Consultants

29-30 Kingly Street Tel: 071 287 6285

London W1R 5LB Fax: 071 287 6270

Group Fiance Director

jmadonalPlc

£100,000 Base & sup Incentive Package. London & Travel

ExceDtiC war ^ s ^ challenges for a tough,
dedk ^ d nbftious young finance professionaL

THE COMPANY , m

<v> Exciting and successful intern*”
Developing a global brand fror 1
share. -

<S> Worldwide turnover c.J£100ro, ■” wir * g ' Strong
presence in key international mat,

4> Recently strengthened boa h 88 s
expansion strategy.

THE POSITION , „ f . .

O Main board with fall respon for 311 fmancl31
management issues. . , ...

o Key lasts are to develop mg

systems, taxuuon structures or

jry efficiency.

^ Close involvement in strategic development
QUALIFICATIONS

O Resilient and commercial ACA with detailed knowledge
of international taxation. Ideally aged mid 50s.

O Broadly based senior management experience in an
international branded goods business.

^■Strategic thinker with exceptional drive, tenacity,
technical ability and communication skills.

Please reply in writing, enclosing foil cv,
Reference L241LFT

54 Jfermyn Street, London, SW1Y 6LX

iNVAi-'.sir'.*?

jB S EL BCaM tnP-a Norman Brotdbo M iroec nM lu ne l uaB o dM e doonqaMiy
tONDON 071493«92-8ffiMlNCaAM0212334656*SUXXaiCT7538WZZ7-BffiSnX.0272291142
GLASGOW 0412044334 -ABEBDEBN 02Z4638080 • MANCHESTER • 0625 B99»

{%) De La Rue pic

ixation Manager

Londor ®

. ejLng commercial printer Of bank
L* La Rue 13 no and is a leader in the supply of
notes and ^ fa c [ Ktron i c narofo of

equipment tor ir
payment*.

hich is international in both it*

" “ * earning 90% of its £415 mUlion

°P CT3 f ^ otts aix jaxea. Through to reputation for

^erdse and custotoer service, the gnsqi
tnregnr y, ted ^ ^ dividend growth in recent
were a record with a 30% jump in the

* eat *’ ^'“million and growth of 18% in earnings
pre-tax prof

per share.

. . ro'ry has arisen (ora Taxation Manager
An excitir^ ^which encompasses all
re P on ' n ®jlian C e and planning. VAT and overseas
aspc *f*°rwill work closely with other
BUt finance departments to co-

^ m ? 5ei }e tax planning. This key

£45,000 + Car + Benefits

responsibility requires a hands**! 1 approach to plaining tax
structures for acquisitions and reorganisations.

Candidates capable of assuming such a role will be Chartered
Accountants, probably aged 30-35 with between five and seven
yean experience, at least two of which will be in a commercial
environment.

Opportunities exist for career development to a senior level
both within taxation and in other related financial disciplines.
The individual should possess excellent interpersonal skills,
self motivation, commercial acumen and have the presence to
interface effectively with key members of dm worldwide group.
The role will involve between 20-35 days International travel
per year.

Interested applicants should write to Chib Nelson,

Manager, Michael Page Taxation, Page House,
39-41 Poker Street, London WC2B 5LH, or
telephone him on 071 831 2000.

Michael Page Taxation

Specialists in Taxation Recruitment
Londoo m«inl Wmifanf St ADmm LeathcHwd Bir mi n gham
Nottingham Manchester Leeds Glasgow & Worldwide

■ • : ■“ V - *

—

O Fuji Seal Europe

Four years ago Fuji Seal established its European headquarters in the UK
and now dominates its market sector. The company is privately owned with
a long and successful record of international achievement, pioneering the
development of shrink sleeve labels and tamper-evident capstab. Its su c ce s s
as market leader is directly related to its massive investment in new
technology and its progressive marketing philosophy.

Financial Controller (Director potential)

Kent Based

circa £40,000+performance bonus + car

Reporting to the Managing Director, the person appointed
will be responsible for all the financial management
activities of the European operation, with an emphasis on
ensuring that strong systems and controls are developed as
tiie business further penetrates the European market We
need to appoint a person who has a hands-on approach to
daily, weekly and monthly accounting, who is meticulous
with detail and able to ensure the effective communication
of performance to the Japanese headquarters. Accurate and
timely financial reports are essential and the successful
candidate must have strong skills in identifying needs and

implementing new computer-based control systems.

Candidates, aged around 38 - 45, must be qualified
accountants with considerable experience at senior level
within a major manufacturing environment. It is
particularly important that the successful candidate has the
ability to win the trust of senior exe cu tives, both within the
European operation and in the headquarters in Japan and
an appreciation of Japanese business practice and culture
would be a major advantage. A second European language
would be extremely useful.

Brief but comprehensive career and personal details should be sent to Gerry Cassell,
Personnel Advisor to Fnji Seal, New Appointments Gronp, Personnel and Selection
Consultants, The NAG Business Centre, Bell House, Bell Road, Sittingbouxae, Kent, ME10
4DH. Telephone: (0Z9S) 424387.

New Appointments Group

FINANCE SERVICE • FINANCE SERVICE ■ FINANCE SERVICE FINANCE SERVICE

SENIOR ACCOUNTANCY ROLE.

ONE OVERALL GOAL - THE INNOVATIVE
MANAGEMENT OF CHANGE

p, | frujam y. itomo'B nothing tmuxnalta the legislation-led change that vre'ra having to regpondro.IC*
*tw> tmtora ol » h ‘ i » res poa aa thart dintteetfare - it's imaginative, radical rotalhr pro f essionaL And already
it's proving than « can manage oar rasouieafl to provide a Ugh quality of sarin to thereridsntsof tbb
cuitarally dJvatse rea of Ota capital

If you base the Ideas, the profearional akffls and the conamtUMnt to roafea a reel comribtttton to (bis
devstopment process, wa d tike to hear from you.

Group Accountant - Treasury Management
and Capital

to £30K phis free leased car

Yoor taslr will be to lead end mauage tbs team tbatfs responsible for such strategically critical areas
as loans jiFw— gpoiw-v and cash flow, as well aa tna o ffl eten t ad mlnuar atloa of oar pension food.

g ltf ^nrjianTogtdiallengewai be to bring n ow and awtirothinkiag to our capi t al fiiwndn gBgategy.
and co successfully Imp!ament our new capital accounting procedures.

You’ll need a CIFFA qualification or sg&ivBlant. and amugb mlevant experience Q> enable you to make

” on staff mtdriliEy incraases your chances of BuiUng new and entirely

different profosBional e±aHenges as your career to Haringey develops. TUsrofere the sbUky co adept to

^ IS Troobilltv. our generous relocatkm package smooths your move to our part of Umriop
' with its axceflant transport and shopping fadliriw, white generoua leave enrittemant and a range <rf other
banafiuvriDcontribUMtoyour-andyourfamihr's-qualitf ofBfe. t ^ •

We an oarticiilaily inwrested in those wbo can bring an innovative approach to dad woik. plus the
cana p e jp a muUl-rarifll and urban a mrtronmant daring this period of condnuad radical change.

ypr an informatioft peek and application fbon. pluse omssn tts FfiMBoa Sortsa PsoomiBl
Sactloa. Alexandra House, 10 Station Bond. London N22 STR. Tel eph o ne 081-882 3810 {24-boa
answering service). Whan applying, phase quote reference number 014.

date: tel Joty. 1998-__

■HARINGEY COUNCIL

"Haringey is working tnwads bec omin g
an equal opportunities employer"

Jibs

Appointments

Advertising

Appears
every Friday
(in the
International
Edition):

Wednesday
and Thursd?
(in the UK
Edition) ]

For further inforr
In North An’
please, cal
JoAnn Grede
212 752 4E
or write to f
14 East 60th,
New York NT

gfflgggggg; V'j.'.u iUi [i 1 ajli

I W&Sm

Financial Controller

Director Designate

c£30,000 + bonus + car + excellent benefits

Cheshire

The Stendon group of companies is a major force In
International healthcare markets, producing medical laboratory
equipment for sale in over 100 countries and with a turnover of
£40m this year, We now wish to appoint a Financial Controller
for our UK company.

Reporting to the Managing Director, you win have full
responsibility for the whole financial operation and the
development of the Accounts Department This wilt involve
consolidation of group accounts, achieving cash flow targets,
producing annual budgets, generating financial reports, and
developing management information systems.

Providing accurate analyses of historical and predictive fiscal
data, your assessment of potential product and business trends
will be crucial to our future growth, as will your evaluation of

potential acquisitions. Equally Important is your role in
assisting line managers meet their budget objectives by
providing financial guidance and professional advice.

A fully qualified accountant (C.I.MA), ideally laminar with
Activity Based Costing, Cellular Manufacturing and T.Q.M., you
will have significant practical experience in a manufacturing
environment The ability to present financial information in a
clear and meaningful manner would be a distinct advantage,
together with man-management and interpersonal skISs.

In addition to an attractive remuneration package we wifi
finance relocation to the Cheshire area.

Please write with lull details to: Allan Bash, Personnel
Director, Sbarthra Scientific Ltd, Chadwick Read, Astmoor,
Runcorn, Cheshire WA71PR.

FINANCIAL 5

NUH1 BKiNU—

FINANCIAL TIMES FRIDAY JUNE 19 1992

FINANCIAL DIRECT

NIGEL

NORTH OF ENGLAND I? 40 ' 000

' Bonus + 0th<4*
THE COMPANY " Ti

- Manufacturing industrial products with £50m turnover.inw internar*^

markets. t \

- High quality branded products with established market presence. I

- Part of major international group. \

THE ROLE |

- Key member of the Management Team, ensuring continuing improvexn

- Responsible for the finance] and management accounting function. I
-Make a significant contribution towards development of management j

information systems.

THE PERSON

- Qualified accountant, ideally aged between 32 and 40, with experience o
manufacturing and sophisticated reporting systems.

- Proven hands on style, man manager and team player.

- Good inter-personal skills. commitment and commercial acumen.

- Excellent career prospects within this UK group, with both financial and,
management opportunities.

Please write enclosing full curriculum vitae quoting reft 101 to:

Nigel Hopkins FCA, London House,

53-54 Haymarket, London SW1Y 4RP
Tel: 071-839 4572 Fax: 071-925 2336

E L H O P K I N S 1

ASSOC I ATS S|

FINANCIAL & TREASURY SELECTION -

i "v p 5 1 i |

, Si,- <t i ?'i|

North London circa. £45,000 plus benefits

An outstanding opportunity has arisen to Jena a subsidiary Board ot a
highly successful housing developer who will achieve a foil market
li s tin g in 1992. Good technical accounting skills will not be enough for
this vital appointment.

Reporting to the Group Finance
Director, the successful candidate
will be responsible for all the usual
computer based statutory and
management accounting require¬
ments, via a well qualified team. The
key to success in this position will be
the ability to operate effectively and
very positively at subsidiary and
m«rn Board level on both
operational and strategic issues.

Applications are invited from
qualified accountants, likely age

range 35 to 45, who can demonstrate
the necessary communication skills
coupled with a successful career to
date within a fast moving, consumer
sales oriented environment.

Success will bring its own rewards
and in order to encourage ap¬
propriate candidates to apply, the
initial remuneration package is
flexible and will include all the usual
executive benefits as well as the
opportunity to participate in the
flotation.

Kldsons Impey
Search & Selection limited
29 Pan Mall, London SW1Y5LP
Telephone: 071-3*1 0336
Fax:071-9761116

UK, France, Germans Italy;
Czechoslovakia, Autrfa,
Hungary and Po land

KIDSOXS
IMPEY

Search A Selection United
MarmtioiMJ Search Group

In the first instance,
please write or fax a fall
curriculum, vitae, enclosing
a daytime telephone number,
quoting reference 399
to Andrew Sales FCCA,
Director.

Jersey

c. £42,000 + car & benefits

Our client is the Jersey subsidiary of a major U.K. based international banking
group. Its main business lines cover several offshore locations and include
banking, treasury, trust and fund administration and global custody.

The Company is looking to recruit a senior finance specialist to join the
executive management team. The role involves leading a growing and capable
team in developing and controlling the financial aspects of the Offshore strategy
at a time of real change.

.Preferred candidates will be between 35 and 45, professionally qualified, with
proven management experience outside the profession, ideally in the financial
services sector. Good interpersonal skills and familiarity with computer-based
Ml are essential features of the position.

Candidates must also have Jersey residential qualifications.

The attractive compensation package indudes a car, and benefits normally
associated with a large banking group. Relocation assistance will be provided.

This is a challenging, exciting and rewarding position. Please write in
confidence to Stewart Walker at the address below.

=S Ernst aYoung

Chartered Accountants
PO Box 621
Le Callah Chambers
54 Bath Street
St Heller
fenny IE4 8YO

FINANCIAL DIRECTOR

MILTON KEYNES

C £35K + Car

Director of Finance

This company is a successful and fast growing autonomous
subsidiary of a UK PLC in the Print ana Packaging industry
providing a high level of quality and service to customers. Due
to promotion a commercially orientated accountant is sougjit to
contribute significantly to the company’s future direction.

Applicants should be Chartered Accountants with previous
experience in a demanding industrial or commercial
environment. Detailed knowledge of systems and spreadsheet
applications is highly desirable. The ability to motivate and
communicate is essential.

Please write enclosing a full CV to

Box A1877,

Financial limes.

One Southwark Bridge,

London SE19HL.

The Financial Times will be publishing the final examination
results of the candidates that have qualified
to join the Fellowship of the Institute of Actuaries
on Friday 10th July 1992.

To advertise career opportunities in the insurance
and pension industries please call
Richard Jones on 071-873-3460

Project Accountant
London £31,000

•Leisure Sector

* Fast Growth Business'

Recently qualified accountant with 2/3 yean
commercial experience Is required to handle major
aspects of group financial planning and reporting.
Staff management experience is essential, as is a
high level of computer awareness (mainframes and

Lotus).

Please contact Rppa Curtis, quoting reference
FIT869*/A.

Finance Director
Home Counties
Circa £40,000 + Car

* International Croup

* Commercial Flair

• A pro active finance person with overseas
experience and a Bhiectaip company background is
needed by this expanding company. The role
involves reviewing the company’s business {dans and
systems, and leading the development of tbe group’s
financial pod Don.

Please contact Deborah Sheny, quoting reference
FT18692/B.

EDP Auditor
Home Counties
£30,000 + Car + Benefits

* International
•Excellent Prospects

This major manufacturer of foodstuffs is
recruiting a computer auditor to work on the
company’s operational and financial systems. There
will be significant travel to other European offices,
k Likely candidates will be qualified accountants,
lideally with IBM mainframe and IBM compatible PC
ncperience.

Please contact JJx Osborne, quoting r ef erence
T18692/C.

Management Accountant
l . City £27,000

\ * Growth retail bank

\ * Variety of products

Vecendy qualified accountant with financial
, .cws experience either from public practice or.
v Vy is required for this analytical,’ reporting role,

’ m the treasury function.

Vse contact Joe Thomas, q uo tin g re f e r enc e

A Operational Review
Wei Orientated Flexible

-4 Recently Qualified Accountant. .

■ A Retail Sector-"

Jent opportunity to join a blue chip retail
_ja high profile audit role. Candidates
approach to deal with commercial
Aid senior managers.

Peter Green, quo ting re fe rence

aimin g Manager
C£30,000 + Car

ent Career Opportunities

organisation requires a

backerouri ot ***** ° r S e com P ari y
^f^W^rujcludeptu.nmg,
m was and liaison at a senior level.

WHHA works closely with 13 local
authorities to provide a wide range of
housing initiatives, managing over 1000
units in London. In order to assist with
the rapid growth and diversity of the development programme,
the association fa now seeking to appoint a

Head of Financial Services/
Company Secretary

London NW6

c. £36,000

You will have 3 years post qualification experience and proven
managerial ability with die vision to lead the department through a
period of growth and innovation. This will include the demonstrable
ability to produce the information needed to facilitate and control a
multi-million L development programme.

In return we offer

* 25 days leave rising to 30 days with accrued service;

* 10% contributions to final salary pension scheme;

* Side child leave; * Restricted smoking offices!

* Flexitime.

Professional accountants wishing to work for and promote
social housing should phone 071-626 6330 (24hr answerphone)
for an application form and information pack; or write to the
Personnel Section, WHHA, 2 Grangeway, London NW6 2BW.

Please note that CVs will not be considered.

Applications should reach us by Friday 3rd July (12 midday).

Interview dates: 10th July 1992 21 st July 1992.

WHHA is working towards Equal Opportunities and welcomes
applications from all sections of the community.

WEST HAMPSTEAD

Audit Mana g ers

WHEN IT COMES TO AUDIT MANAGEMENT,
WE DONT JUST CLING TO THE TAIL,
WE’RE AT THE LEADING EDGE.

British Airways, the world’s favourite a world in itself - a huge and diverse

operation, encompassing so many cfihfct&lglplas of business that it ran realistically be

British Airways, the world’s favourite airiu
operation, encompassing so many
described as a microcosm of indusrrw^^^

Can you imagine jhc scope,

at such an environment offers to a first-

nircetonjm
combined to
the profitabilit

You are like®
ready to dRS
posidortflljBip

E competitive
ndard normal]

y, you will be functioning at both the heart and
f&nducting audits across the airline's network. The
sidcrablc contact with senior management .aud F<
ng, and calls for solid, technical auditing skills,
and mental-dexterity necessary to improve
lllp^ridwidc business."' .

Hi drills with a major accountancy firm, and be
|||j5 in this role before moving on to management

Hi can look forward to a generous benefits
with a major, progressive employer.

exacting standards, write with your cv and
your suitability, ui your letter we’d like ’

Applrcoj

Resour

TW5 9*

'nfidcnc that you ’ran exacting standards, write with your cv and

_y and tell us why. To h^^^^css your, suitability, in your letter we’d like
wer thcfoltowirig question'^^^^ kind of special audirprobierm might you-
in our business? * ... "

f quoting reference MGS 2209§piould be sent to: Melanie Grant-Stcvcm.
Manager, British Airways plFf Mcadowbank, PO Box 59, Hounslow

British Airways

Please

FT18692/

f liaison at a senior level
i Sherry, quoting r e f erence

^Consultancy
£45,000 + Car

London, Manchester, Birmingham or Glasgow

The primary function of .this Partner level appointment is
to take charge of all professional services of the firm, to
review them continuously and develop them commercially.

High calibre!
MBA, with at leaT
role in financial f
restructuring, pnf
cost reduction. Ti
Contact Ian Tc
FTl8692/a

1 Services
: level input

qualified accountant or
rs PQE in a non-routine
i required for business
jvement, efficiency and
Sven.

Hooting re f e r ence

rh SCnd their CV* w

. WQ-RONSorE*

0718369501. ^onc number n

Not ft role for a career technocrat
therefore, but for an action oriented
Chartered Accountant The successful
candi da te may be an ambitious Manager
on the threshold of partnership or a
more seasoned professional used to
“m aking thing n happen". From either
stable, the task will be to direct &
manage the organisation & review
process to gain optimum advantage from
tbe collection of skills available both
within and outside the 40 practice offices
of the firm.

Reporting to the National Managing
Partner, strong authoritative advice
will be provided working alongside the
other National Directors of Finance,
Marketing, IT and Administration.

Proven expertise In several, but
not all, of tile 7 professional areas will

be required viz Human Resources,
Training, Taxation, Insolvency, Audit/
Accountancy, Compliance and TQM.

The compensation package is negotiable
and of partnership status. Please send
your curriculum vitae with a one page
covering letter explaining your vision
of how the above can be achieved to
Peter Willingham, Managing Director
of our Search & Selection Company at
29 Pall Mall, London SW1Y 5LP.

No information will be passed on to
the main accounting practice without
express permission.

KIDSOXS

IMPLY

Chartered Accountants

EDINBURGH

CO l-42ft 7744
GLASGOW
041426 3101

LONDON
071-8569501
MANOfESTEK
061436 IBS

Group Financial Accountant

RECRUITMENT

Equities InW nt

Senior investment manager (41), L ^ ^
performing unit trusts (sold off by ^
fnnda, wonld like to hear Cram invl compmira who
may have a suitable positkffl at presen

Economics graduate, strong grcL investment
reseatcli. main speciality in U.K. «L, ^ good
knowledge of other western equity nl ^ winfT ,
sectors in general. \

Write to: Box No A1835, Financial TtX g out f nwr ^
Bridge, London SE19HL . 1

Weybridge, Surrey to £30,000

The TT Group is a successful acquisitive group engaged in a wide range
of manufacturing activities worldwide with a turnover of £150m. Our success
is founded on strong financial controls, a decisive management style and a
high degree of autonomy (breach individual business unit

To prepare for the next stage of growth, the Group Finance Director seeks to
appoint a group financial accountant to assist with the collection, interpretation
and presentation of a wide range of financial information bn afimety baas.

Asa key member of a small head office team, this wide ranging role wit! appeal to
committed accountants in their late twenties, ACA qualified with some previous
experience at group/divisional level within industry Key attributes will include an-
energetic and positive attitude and an ability to cope with change within an
exciting dynamic group. Career prospects are excellent

Please reply with full career details to:

M. R. Eke, Group Finance Director,
rr group plc

Clive House, 12-18 Queens Road,

Weybridge, Surrey KT13 9XB

nMES FRIDAY JUNE L9 1992

FT LAW REPORTS

I case will be heard in UK

THE STANDARD STEAMSHIP
OWNERS’ PROTECTION AND
INDEMNITY ASSOCIATION
(BERMUDA) LTD V GANN

^ andanother
Q ueen’s Bench Division

(Commercial Court):

B4r Justice Hirsfc
. ■•■■■' Juries 1992 '

AN-. ENGLISH jurisdiction
danse i n the T tiles of a P & I
dob constitutes an agreement
between the dub, anil its inem-
ijbers to which the' court, will
f give effect unless there Is good
reason for not keeping the par¬
ties to their bargain; and
where proceedings are begun
in a competing Jurisdiction, an
English choice of law danse in
the elnb rules is a significant
factor .in- favour of England as
the appropriate forum.

tdr Justice Hirst so hnid when
fefusmg an application, by the
defendants, Mr Edmund A
Gann and Caribbean Marine
Services Go foe (CMS), to set
aside Mr Justice Evan's order
granting the plaintiff oinh. the
Standard Steamship. Owners’
Protection and Indemnity
Association (Bermuda) Ltd,
leave to serve the proceedings
oh the defendants out of the

HIS LORDSHIP said that the
club was a shipowners’ mutual
assurance association, which
issued and provided insurance
on the basis of its rules from
year to year.

Its claim, amounting to more
than $l.8m, was for loss and/or
damages arising from non-pay¬
ment of supplementary calls
and relief calls.

It submitted those sums
were due from the
It alleged they were parties to
the insurance policy: The
defendants', case was that the
parties to the policy were not
the defendants, but individual
shipowning corporations.

Mr Gann was a US citizen
resident in San Diego Calif¬
ornia. CMS was a Californian
pompany based in San Diego.

Mr Gann was beneficially
interested in a number of indi¬
vidual corporations which
owned vessels engaged in tuna
fishing off the west coast of the
US, managed by CMS. The
defendants alleged those com¬
panies were the assured.

Reference to the “defen¬
dants" was without prejudice
to that point -

■ From 1983 onwards the
■defendants’ P & I risk business
was insured by the club, fol¬
lowing an approach from
Lloyd's placing brokers
instructed on the defexdants’
part by San Diego brokers.

From 1987 the club made a
number of supplementary
on members. Alto the defen¬
dants sold a number of their
vessels and as a-result the club
claimed release calls in respect
of the cessations. '

The claims were resisted by
the defendants on various
grounds, including the ground
that the insurance was on a
fixed premium basis, and that
the dub was not entitled to
require them to meet supple¬
mentary or release ftaiis
It was the defendants’ case
that in relation to that ground
the dub was unable to sustain
an arguable case sufficient to
justify maintenance of the
. order for 'service out of the
jurisdiction. If they failed on
that point, they submitted that
San Diego, not London, was
the forum conveniens [appropri¬
ate foruml for the proceedings.

Rule 2(2) of the dub rules
provided that “these rules and
any contract of Insurance
between the association and an
owner shall be governed by
and construed in accordance
with En glish law”.

Rule 32(1) provided “the
owner hereby submits to the
jurisdiction of the High Court
of Justice in England".

Mr Bueno tor the defendants
submitted that the burden was
on the dub to persuade the
court to reach a tentative con¬
clusion that it had a good argu¬
able case. He was probably
right. (See The Otib [1991i 2
Lloyd 's Rep 108; Overseas
Union Insurance v Incorporated
General Insurance, FT. Decem¬
ber 41991.)

A telex dated November 17
1983 from the club to the defen¬
dants, stated “it is not possible
tor us to offer owners a fixed
premium quote*.

The club had demonstrated a
good arguable case on the mer¬
its on this point
Mr Bueno contended that the
burden of proof was. on the.
dub to satisfy the court that
En gland was clearly and dis¬
tinctly the appropriate forum
for trial of the action, relying
on SpiUdia [.1987] AC 460.

Were it not for the defen¬
dants'- submission to the juris¬
diction, that would be correct
Rut the authorities plainly

established that the court
would give effect to the juris¬
diction clause, though still
retaining a discretion to grant
a stay if the defendants could
show strong reasons against
holding the parties to their bar¬
gain (Chaparral [1968] 2 Lloyd’s
Rep 158; El Amria [1981/ 2
Lloyd's Rep 119).

Mr Bueno invited the court
to disregard or at least to
attach very small weight to the
jurisdiction clause, and argued
it was one-sided.

That submission was unac¬
ceptable in relation to a clause
drafted in standard form typi¬
cal of the rules of P & I Clubs
generally, where the member
was both insurer and insured.

Approximately three months
after issue of the writ the two
defendants together with all
the individual vessel-owning
corporations, issued proceed¬
ings in San Diego against the
club, its management compa¬
nies, and a number of other
defendants including individu¬
als who were executives in var¬
ious broking firms.

They sought declarations
that they were not liable for
the supplemental and release
calls. Against the club and its
managers, they sought dam¬
ages for fraudulent misrepre¬
sentation; and against the bro¬
kers, damages for fraudulent
or negligent misrepresentation,
and for breach of duty.

Mr Bueno submitted that the
centre of gravity of the dispute
was San Diego. He said the dis¬
putes must be looked at as a
whole, and it was essential
that they should all be tried in
one action to avoid the risk of
inconsistent decisions.

For that purpose, be submit¬
ted that the San Diego action,
in which the parties involved
in all aspects of the dispute
had already been joined, was
the appropriate forum.

He submitted that the
English choice of law clause
should be given little or no
weight, since there were no dif¬
ficult issues of English law
which would appropriately be
reserved for decision by an
English court. He said the
main area of dispute would be
on issues of feet
That was not accepted.
Serious questions of law
would arise as to the relation¬
ship of principal, agent and
sub-agent ois-d-ois the club.
Those questions would turn on
issues of principle and con¬
struction of documents.

Construction of the docu¬
mentary material was, as the
authorities plainly showed (see
The Magnum [1989/ l Lloyd's
Rep 47. ft), best undertaken by
the F,ng liHh courts employing
English law canons of con¬
struction. If the task were
undertaken in San Diego the
court, in applying English law,
would need to rely on the
expert evidence of English law¬
yers brought to California at
considerable expense. That was
a serious disadvantage.

Tire English choice of law
clause was a significant consid¬
eration in favour of English
jurisdiction.

The centre of gravity of the
case was in London, not Calif¬
ornia. because;

CO On all main issues the cru¬
cial point of contact was in
London between London bro¬
kers and the club. The wit¬
nesses relevant to those
aspects were in London and
the relevant documents would
mainly be In London.

(ii) The defendants’ claims
against third parties, which
were by no means all London
based, would only arise if the
club succeeded in its claim.

(iii) It seemed likely that the
number of witnesses for each
jurisdiction would be evenly
balanced, and that the prepon¬
derance of documents would be
in London.

The crucial point was the
risk of inconsistent decisions,
which the court must strive
earnestly to avoid (El Amria).

There should be no diffi¬
culty, if the defendants chose
to do so. in their joining the US
third parties in the English
proceedings as necessary and
proper parties.

The present action was in
being for a considerable period
before the defendants launched
their San Diego proceedings,
and it was their decision to sue
in San Diego which created the
possibility of a conflict
Those considerations, cou¬
pled with the conclusions that
English choice of law and the
English centre of gravity
strongly favoured proceedings
in England, led to the conclu¬
sion that the appropriate-
forum was London.

For the club: Jonathan Gais-
man (Richards Butler).

For the defendants: Antonio
Bueno QC and Robert Bright
(HUl Taylor Dickinson).

Rachel Paries

Barrister

CICM forms part of the global network for portfolio management of
Commerebank. one of Germany's leading banks. Our clients are
institutional investors, for whom we manage international stock and
bond portfolios. Our investment approach is based on the concept of
Mddem Portfolio Theory. Subsidiaries in New York. Tokyo, and Dublin
make our business climate purely international.

For our Portfolio Strategy team in Frankfurt we are looking for an

Economist

who will be responsible for commenting on international capital market
developments in the company's regular publications. Developing and
implementing investment strategies would complement the task.

If you have a degree in Economics, strong English writing and presen¬
tational skills, as well as experience in dealing with empirical capital
market questions or econometrics, you would ideally match our profile.
Knowledge of German would be helpful, but is not necessary.

Professional outlooks for this internationally oriented job based in the
expanding economy of Germany can be considered excellent. If you
are interested you may address your application to

Commerz International Capital Management GmbH. Peter Koenig,

P.O. Box 10 05 05,6000 Frankfurt a. M., Germany.Tel. 69/719122-81

COMMERZ INTERNATIONAL
CAPITAL MANAGEMENT

CHIEF FINANCIAL OFFICER

A major international broking firm is seeking a Chief
Financial Officer. The ideal candidate will have experience
In a9 phases of broking including financial reporting and
controls, regulatory aspects along with general
administrative skills. Salary and benefits commensurate
with experience.

Please send CVS to Box A1875. RnandafTfmes,

One Southwark Bridge, London SE19HL

Sales

Market News Service

Aleadh* provider of capital markets new* over the Telerale Network, is
expanding its Undoo operation. We tie recking Womution <******
pro&stieittb whir a minimum of 2 yews sales experience. The omdjdau:
woutf-teaeif-motivated with a record of successful job performance. A
financial undemanding of. the global financial markets is essential,
particuiady; Futca focoroc and Currency. Fluency m at leantwo European
Languages is denrabte. Apply to the Director. Sales, by telephone or fax:
Teh I Olffi-212-6087ICO; Fax; # 0101-212-3850028

MARLIN ORD MINNETT LIMITED

THAILAND

Wo seek an individual with an interest in Asia to service
an existing client base in toe UK and help develop a
number of selected clients in toe UK and USA ,

You would be working with a specialist team based in
I Bangkok and Hong Kong which has a unique product
that has found acceptance with major investing
institutions. You would be expected to be involved in
developing quality investment ideas as well as working
with dealers at other London houses to execute foreign
board business.

Applicants should write in confidence to:

Georgina Saddington

Marlin Ord Minnett Limited
One College HID
London, EC4R 2RA
FAX; (071) SSI 8681

Mf

FINANCIAL TIMES CONFERENCES

9

WORLD AEROSPACE

AND

AIRTRANSPORT

London — 2 & 3 September 1992

The Financial Times conference to be arranged before the Famborough

International Air Show.

Issues to be discussed:

* The extensive restructuring of the world aerospace and airline
industry

* The Single European Market in air transport and its implications
in the globalisation process

* How the defence industry is adapting to a new environment of
defence procurement

* The new structures of financing aircraft

Speakers include:

The Honourable Jeffrey N Shane

US Department of Transportation

Mr Giovanni Bisignani

European Airlines Association

Sir John Egan

BAA pic

Mr Thomas M Culligan

McDonnell Douglas Corporation

Mr Adam Brown

Airbus Industrie

The Rt Hon Christopher Chataway

Civil Aviation Authority

Sir Colin Marshall

British Airways

Mr Richard R Albrecht

Boeing Commercial Airplane Group

Mr John Weston

British Aerospace Defence Limited

Mr Brian H Rowe

GE Aircraft Engines

WORLD AEROSPACE K
AND AIR TRANSPORT —

Financial Times Conference Organisation

126 Jerniyn Street, London SW1Y 4UJ

1M: 071-925 2323. The 27347 FTCONFG. Fare 071-925 2125

□ Please send me conference details

□ I am interested in exhibiting at the conference

A FINANCIAL TIMES

INTERNATIONAL

CONFERENCE

Position _

Company/Organlsatton_
Address_!_

Postcode_

Tel__

Type of Business

Jys£

ouismess ra.naiysit

Central London c£25,000

Oar client, a major service Industry Pic. require an Anaij» to
join their Strategic Development Department, currcnlly evaluating
opportunities in the Kiddle fast and Mediteranean.

The work inchidea desk based research, analysis, and field
evaluation of hotel and restaurant properties and companies.

Candidates male or female, must bo MBA’s in their 20s, with
appropriate language fluency, knowledge of Ihc culture and
business practices of the area and have proven analytical ability.

Please apply to us in complete confidence, with a fell CVat
Bacombe Rise, Htesborough Road, Wendover, Bucks. IIP22 6EL
The cloriog dale for applications is June 30th 1992.

DAVID THOMPSON
ASSOCIATES

PROJECT FINANCE MANAGER

The Qty office of a leading Middle East Bank seeks to reczuiL a Project
F ina nce Manager. AnA-CLB. qnafificaTinn or equivalent hi dcanabto.

The successful candidate should have a minim a m of 2 yean direct
experience in mediam term project finance covering entire projects,
primarily with UK contractors. Direct exposure to craft agendas such
as BCGD, SACE and COPACE is essential. In addition, a detailed
knowledge of trade finance products is deniable. An ^tractive package
is available to the successful candidate.

All application; to be made by Irt My 1992. will be treated in strictest
co nfid e nc e.

Please reply with copy of CV to;

Box A1873, financial Times. One S o o th wmk Bridge, London SE19HL

Corresponding with the expansion of their trading divuioa, our client, an
internationally operating Swiss company, specializing in countertrade .
transactions with GJ.S. countries, seeks a dynamic, flexible

COAL TRADER

with multi-annual proven experience in the field of hKematiooal coal trade.

a great sense of responsibility, the position demands negotiating
qualities as well as the capability to work effidendy within a small team of
The applicant should be willing to perform extensive travelling
and ought to speak English and German fluently. Adtfiooaa l knowledge of
Russian and/or other European languages is welcome.

Tbc which reports directly to tbc trading divisions management,

often excellent career opportunities.

please send your application letter together with supporting documents to
HTW, P.O. Box 783, 8065 Zorich TMC, Switzerland, attention Mr M.
HumbcL

FINANCIAL ENGINEERS

Renaissance Software is a dynamic young company based in Silicon
Valley. We are growing quickly « fee strength of oar technology,
which has captured the attention of the dermoives world. As such we
are actively recruiting experienced traders or risk managers in swaps
and derivatives to baQd oar important European operation in London.
These individuals will pity a key role in showing otiicr trader* wbo are
poKtirwiI customers the power of this technology as a trading platform
and financial engineering uxd, while providing oar sales force wife
global strategic marketing advice.

Please mail or lax CV to: David While, Dir. HR, 33 Whitehall Street,
NY, NY 10004, USA. Fax: 212 344 7039. Principals only please.

_City

.Country.

The HfTERNATIONAL MONETARY FUND b seeking an
experienced professional to assume an important
advisory rote in the development of strategies, pofides
and programs to Strengthen internal communications.
The pomfan is being established si a time when fee
Fund Is lacing new. major challenges, barfing to a
particular need for effective internal communlcalions on
broad organizational goals and objectives as well as
adm i nfab a tive and personnel matters.

INTERNAL

The lesponaMbas wfll range

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FINANCIAL TIMES FRIDAY JUNE 19 1992

COMMODITIES AND AGRICULTURE

Rubber growers agree to Producers

work towards free market .

Grenada hopes to revive nutmeg cartel

Canute James reports on plans to give price support another try

By Kforan Cooke lit Singapore

NATURAL RUBBER producers
have agreed for the first time
to work towards a new, open
market system, with the possi¬
bility of International prices
being set through a centralised
exchange in Singapore.

At the end of a three-day
meeting here members of the
the Association of Natural
Rubber Producing Countries
agreed to "develop and foster
one centralised open market in
the rubber producing region".
The producers' association,
formed in 1970, groups Malay¬
sia, Indonesia, Thailand, Papua
New Guinea, Sri Lanka, India
and Singapore which between
tfrpm supply more than SO per
cent of natural rubber.

At present more than 70 per
cent of the world natural rub¬
ber trade is carried out
through direct private party to
party deals between planta¬
tions or smallholder groups
and the mam consumer compa¬
nies, mainly the tyre manufac¬
turers. Producer countries,
frustrated by a prolonged
period of low prices, had said
in the past that the system was
unfair and had suggested the
formation of a rubber produc¬
ers' cartel In order to gain
higher prices.

Mr Ahmad Farouk, chairman
of the Malaysian Rubber
Research and Development
Board, said what was signifi¬
cant about the Singapore meet¬
ing was that consumers’ repre¬
sentatives were now

Rubber output in Indonesia, the world’s second largest producer,
is expected to fall by between 10 and W per cent in the first half
of 1992 because of to poor weather and low prices, a sailor
industry official said yesterday, reports Reuter from Singapore.

“The government estimated that production will fell 10 per
cent during the first semester (January-Jone) but our own esti¬
mate is about 12 per cent,” said Mr Asril Satan Amir, vice-chair¬
man of the Rubber Association of Indonesia (Gepkjndo).

He said first half output was forecast to fell by between 60,000
and 72,000 tonnes from the 600,000 tonnes last year. Indonesia's
total 1992 output is expected to fell to about 1.1m tonnes from
iJhn tonnes in 1991, he added.

pact push

By David Blackwell

expressing a willingness to
work towards a more open rub¬
ber trading system.

"What the big tyre compa¬
nies want more than anything
else is security of supply. In.
the short term they might gain
by cheaper, direct deals with
certain producers. But they
also realise that the there
could be supply problems in
the years ahead. Some produc¬
ers, like Malaysia, are either
turning to what are considered
to be more profitable crops like .
palm oil or are industrialising
fast, with the result that less
rubber is being produced.
Another problem feeing Malay
sian rubber producers is a seri¬
ous shortage of labour,” said
Ur Parouk.

Malaysia, for many years the
world’s biggest rubber pro¬
ducer, saw its production last
year decline by 3.4 per cent
Thailand is now top of the
world rubber production table.

Mr Farouk said that there
was general agreement at the
meeting that the direct trading
system had produced consider¬

able. distortions to the market
“The volume of direct trade
reduced liquidity in the mar¬
ket We are all agreed that nat¬
ural rubber stUl has bright
prospects, in the long terjn. But
we must have a more transpar¬
ent. pricing system,” said Mr
Farouk.

The meeting here set up a
committee to examine bow
Kuala Lumpur, ftangknk and
Jakarta, which have physical
markets, could link up with
Singapore to develop a proper
rubber international futures
market. *Tt Is important that
the futures market is linked to
the producing countries so the
cost of production can be ade¬
quately reflected in the market
price,” said Mr Farouk.

The committee will also
pTamiTie ways of pricing natu¬
ral rubber as an industrial
product, rather than a com¬
modity, on the international
market. Mr Farouk said that a
final decision on setting up the
new market system would,
probably be taken later this
year.

S African coal prices give ‘barely
adequate’ return on investment

By Philip Gawith in
Johannesburg

CONTRACT PRICE levels for
coal are barely adequate at
present to offer South African
producers a return on existing
investments, never mind
encourage new investment,
says Mr Allen Cook, chief exec¬
utive of Randcoal, South
Africa's second largest pro¬
ducer.

Speaking at a recent confer¬
ence in Australia, Mr Cook
said although international
demand for Soutb African coal
would continue to rise in
future years, there were two
major points of concern for the
local industry. The first con¬
cerns the high rate of cost
escalation in recent years,
which is eroding South Africa's
competitive position. This is a
function of increased wage
demands, rising transport costs
and continuing inflation of
about 15 per cent

Mr Cook said there was a

significant drive in the indus¬
try to lower costs by Improving
productivity. Agreement has
also been reached with Spoor-
net the state rail company, to
peg rail freight costs on the
fine to the Richards Bay export
port to tin next few years at
about half the infla tion level
The second issue is that
“current market conditions,
recent price history and some
buyers’ attitudes to pricing”
militate against further invest¬
ment. Mr Cook said a buyers
market had existed for a num¬
ber of years, with the real price
for coal declining to all major
currencies. The cost squeeze
on producers has led to a num¬
ber of mine closures which, in
the medium term, will be detri¬
mental to the continued secure
supplies of coal from major
producing companies,” said Mr
Cook. He added that it was in
the interest of all parties that a
“reasonable” price level should
be set that encouraged future
investment in coaL

' South Africa has port capac¬
ity to export 53m tonnes a
year. Fob contract prices
would have to rise by between
$5 and $£8 a tonne to make
projects, to expand, capacity
beyond this point viable, said
Mr Cook. *

Coal is South Africa's second
largest export earner after
gold. Last year the country
earned RA2bn (£630ra) from
exporting 4&£m tonnes of coal
Mr Cook said that with sanc¬
tions gone, large potential new
markets were opening up, par¬
ticularly in Japan, Korea, Den¬
mark, France, Holland, UK and
US. He said that Western
Europe had regained its posi¬
tion as the main destination
for South African exports. Mr
Cook said Europe remained a
major growth market for Soutb
African coal that was price
competitive, “particularly if
the price of coal from current
low-price producers In CIS and
Poland begins to reflect the
actual cost of production”.

COFFEE PRODUCING
countries will meet tomorrow
and Sunday to London to try
to tighten up their plans for a
new international coffee agree¬
ment before meeting consum¬
ers next week.

The proposals agreed at a
meeting of producers late last
month were described by one
anaylst as “deliberately
vague”. They envisaged a
global export quota of about
62m bags (60 kg each), incor¬
porating selectivity between
different types of coffee and
shared out between producing
countries on the basis of
export performance in the free
market since the collapse of
export quotas to July 1989.

Mr Nestor Osorio, Colom¬
bian delegate to the Interna¬
tional Coffee Organisation,
said yesterday that with prices
at 20-year lows there was
urgent need for market regula¬
tion. “Producers are com¬
pletely committed - we shall
be trying over the weekend to
agree concrete proposals to
take before the consumers.”

Among the problems the
producers will be trying to
untangle axe quota allocation
and a viable control system.

Colombia, the second biggest
coffee producer after Brazil,
has been the main driving
force behind moves towards a
renewed pact. Mr Osorio
believes if the political will is
there, movement towards a
Hew agreement could be quick.
"I flrinfc we have already lost a
lot of time.”

Con s u m ers do not appear to
be in so much of a hurry. Mr
Lawrence Eagles, analyst with
GNI, the London futures bro¬
ker, points out that the will¬
ingness of the US, the biggest
consumer, to tolerate an agree¬
ment Is based on solely on the
poUttetf motive of fighting the
Colombian drug barons.

case they may not
agree to such a low overall
quota aa 62m hags, which is
10m bags below consumption
and would force then to draw
down their stocks.

Market observers are not
optinristtp.Xast week Mr Mark
iXtamas^mSmagiiig. director -of
ED & F. Man, the big Loudon
trade house} told a coffee con¬
ference: “My personal view is
that unfortunately there will
not be a new agreement with
powers to control the market”.

The Economist Intelligence
Unit said. yesterday in its
World Commodity Forecasts
that it did not believe the pro¬
ducers will succeed in their
aim of activating a new agree¬
ment from October as the
issues are too complex.

T HE WORLD'S two larg¬
est nutmeg producers
are contemplating the
destruction of about 10,000
tonnes of stocks as part of an
effort to stiffen the market and
Improve prices. The destruc¬
tion of the stocks, held by
Indonesia and Grenada, wOl be
discussed by both countries in
a few weeks when the Grena¬
dians will attempt to interest
the Indonesians in the recre¬
ation of the nutmeg cartel that
collapsed two years ago.

The producers will also
attempt to cut commodity bro¬
kers out of the industry, and
try to market directly to con¬
sumers.

“The stocks which both
countries have are a liability
and not an asset, and they are
j depressing prices,” said Mr
' Denis Noel Grenada's Junior
minister of foreign affairs. “We
wiQ consider using the strat¬
egy of major coffee producers,
which is to destroy some of the
stocks. But any destruction
will have to be done jointly.”

Indonesia produces 75 per
cent of the world's nutmeg and
Grenada 23 per cent World
production is about 12,000
tonnes a year at present, while
annual demand is for only
9,000 tonnes, according to Mr
NoeL

The co-operation that the
Grenadians are seeking will be
outlined to the Indonesian pro¬
ducers when a high-level gov¬
ernment delegation from the
eastern Caribbean Island visits
Jakarta. Getting agreement on

the destruction of the stocks is
one aspect of Grenadian plans
to resurrect the cartel which
foundered on changes in the
Indonesian government's eco¬
nomic policy involving exten¬
sive deregulation of the econ¬
omy.

The subsequent removal of
controls on the volumes put on
the market has sent prices
down. In 1986, before the cartel
was established, the world
price for nutmeg was about

US$1,000 a tonne. The market¬
ing pact, in which both coun¬
tries set minimum prices for
the nut, led to an increase to
about $7,000 a tonne. Accord¬
ing to Mr Noel prices are now
about $2,000 a tonne.

In preparing the ground for
closer collaboration, Grenada
and Indonesia recently estab¬
lished diplomatic relations. But
Indonesian officials, saying
they wanted to see what pro¬
posals the Grenadians will be
making before commentin g on
their own position, have indi¬
cated that even if it is revival
the marketing agreement will
not be similar to the cartel that
existed before.

“In a deregulated economy
where market forces are at
play, it is out of place for us to
embrace any mechanism
which seeks to control the
market and to fix prices,” one
official explained.

Strengthening the market is
more important for Grenada
than it is for Indonesia. Nut¬
meg Is a significant foreign
currency earner for the Carib¬

bean Island but represents only
a part of a larger spice indus¬
try In Indonesia. “The nutmeg
industry represents the major
foreign currency earner for
Grenada,” confirmed Mr NoeL

When the Indonesian produc¬
ers group, Aspin. and its Gre¬
nadian counterpart, the GCNA,
signed the agreement creating
the cartel, there were quick
and significant benefits for the
Caribbean island. Earnings
from exports in 1986 were
SL85m, but the following year
Grenadian farmers received
25.55m in surplus payments.

Under the agreement creat¬
ing the cartel the Indonesian
producers undertook to sell
their high quality nutmeg at
between $6,800 and $7,000 a
tonne and low quality at
between $ 1,000 and $1,200 a
tonne. For their part, the Gre¬
nadians committed themselves
to minimum prices of $6,650 a
tonne for their best nutmeg
and $5,575 a tonne for poorer
quality.

Indonesia's high quality
mace, the red lacy substance
that surrounds nutmeg, had a
minimum price Of $13,500 a
tonne, with low quality not
being sold below $6,000 a
tonne. The Grenadians agreed
not to accept less than $11,750
a tonne for their premium
mace or $5,750 for the second¬
ary product

The two producers' groups
also agreed to control the vol¬
ume of nutmeg and mace
placed on the market in order
to maintain price stability. The

agreed volumes were deter¬
mined on the basis of average
production and stocks held by
both. Grenada’s stocks readied
5,500 tonnes, with Indonesia's
at 4,000 tonnes, said Mr Noel

The cartel bad a short Hfe.
By 1989 Grenadians were acc¬
using the Indonesians of reneg¬
ing on the pact by selling nut¬
meg and mace below the
minimum prices.

An attempt to repair the
damage had seemed to be sue-,
cessful.. with Indonesian and'
Grenadian officials agreeing to
restore the cartel's pricing pol¬
icy, the Indonesians undertak¬
ing to sell their spice at 5 per
cent above the agreed mini¬
mum and the Grenadians
adding 10 per cent to their
prices.

But when the new economic
policies were implemented in
Indonesia, Grenada’s industry
threw tn the towel and reduced
prices in an effort to hold on to
market share. The GCNA
dropped the price of its top
quality nuts by $ 2^00 a tonne,
and the price of premium qual¬
ity mace was reduced by $4,000
a tonne.

“When we talk with the
Indonesians, we will also dis¬
cuss cooperation in marketings
which wmaflow us, as the pri?
ducers, to deal directly with
end users ” said Mr Noel “This
will allow us to bypass the
commodity brokers. The previ¬
ous agreement collapsed, not
because it was unworkable,
but because of changes in
Indonesia.”

: 3 tion

£

Sr

Commodity price
revival forecast

Philippines coconut
output falls sharply

PRICES FOR most
commodities could show a
strong revival in 1993 if the
economies of the leading indus¬
trialised countries recover
enough to stimulate demand
for raw materials, according to
the Economist Intelligence
Unit, writes Our Commodities
Staff

“We expect the global econ¬
omy to pick up in 1992 and
most commodities are sensitive
to change on the demand side,"
said Mr Alec Gordon, editor of
the unit's World Commodity
Forecasts.

In the latest edition, of the 26
commodities prices covered by
the EIU, 18 are seen as fetching
higher prices In 1993 than this
year, when many commodity
prices hit new lows because of
the recession.

In the soft commodities,
crops may be badly hit by
drought and the ensuing sup¬
ply problems should support
prices, Mr Gordon said.

He expected tea, sunflower
and soyabean oils prices to do

Price Forecasts

19921993

ebanfle

%

Cocoa (c/lb)

51

60

+ 17,7

Tea (p/kg)

115

128

+114

Sugar (c/lb)

9.03

9

-03

Wheat mt)

1G2

145

-4.6

Soyaoil (5/1)

438

483

4-10.3

Copper (c/lb)

99.5

110

4-10.6

Tin (Sflb)

2.04 a 39

4-19.4

Zinc (c/lb)

STJS 64.3

4-112

Source: BU

By William Keeffng in Jakarta

better in 1993 than this year.
The coffee and cocoa markets;
are still heavily oversupplifid
but if stock control measures
succeed, prices could recover
strongly, Mr Gordon said.

Nickel, with its fortunes
strongly linked to stainless
steel production, would benefit
from a strengthening con¬
sumer goods sector, while use
of copper strongly depended on
an upturn in toe construction
and power transmission sec¬
tors, tile EIU said.

COCONUT PRODUCTION In
the Philippines, the world’s
leading exporter of coconut oil
and copra, may be 29 per cent
less litis year than originally
forecast,-officials of the Asian
and’Pacific Coconut Commu¬
nity said yesterday.

Mr P.G. Punchihewa, execu¬
tive-director of toe APCC, said
that more than eight months of
low rainfall had severly
affected the Philippines*
production and that 1992 pro¬
duction, measured in copra
equivalent, .was likely .to. be
between 1.4m laid L5m tonnes,
tn January the APCC esti¬
mated production would be
158m tonnes.

Industry officials say low
rainful has been excacetfoated
by the eruption of Mount Pina-
tuba and they do not expect
production to recover until
1994. In 1990 the Philippines
produced nearly Z5m tonnes of
coconuts.

Stocks of coconut oil to Rot

terdam, toe main trading cen¬
tre, have felled sharply in the
past year to 61,175 tonnes in
mid-May from 131575 tonnes in
May last year. ...

Copra meal stocks have alswr
declined as a result of a 35 per
cent year-on-year fall-*'-in
exports from the the Philip¬
pines for Jamiary-April to
141,019 tonnes.

Indonesia’s exports Of copra
meal also declined, by 59 per
cent to January and February
to 38,162 compared with the
same period last year. How¬
ever, Mr Pun chih ewa said that
Indonesia had enjoyed better
than- forecast rains and 1992
estimated coconut production
at 2.25m tonnes remained
unchanged.

APCC officials said they
expected the world market
price <rf coconut ofl to average
$600 a tonne df this year, up
from $ 433 per tonne in I99L In
the longer-term, officials
believe world prices will b^fr,
sustained by demand growing
fester than supply.

r.: *.:

; r /C.

> -".i *.:

WORLD COMMODITIES PRICES

MARKET REPORT

COCOA - MnRIX

LME TIN prices closed near
25-month highs. Three-month
tin's early test of support at
$8,600 a tonne encouraged
buying in the afternoon and the
market quickly made headway
to within a whisker of the $6,700
level. Dips continue to attract
buying interest and sentiment
Is also aided by forward
technical tightness. ZINC was
again buffeted by waves o(
liquidation, three-month metal
dropping below support at $1,210
a tonne at one stage to touch
a 312 -month low of $1,206. The
squeeze continued to unravel,
exerting pressure, traders said.
Traders were expecting LME
warehouse stocks to rise again

London Markets

today. Comex COPPER remained
lower at midsession on the heels
of Chinese selling and falling
equities markets. “The Chinese
selling was enough to cap the
market," said one New York
analyst Root sources said many
players took profits from
Wednesday's rise to lifetime
highs across the board. The
slippage in the Japanese and
US stock markets weighed on
sentiment by pointing to
lessening demand. New York
raw SUGAR prices were lower
at midday as profit taking
emerged after Wednesday's
advance above 11 cents a lb
for the July contract.

Compiled from Reuters

Close Previous Hgh/Low

Jut

514

810

517 512

Sep

533

533

534 528

Oec

684

563

584 558

Mar

595

583

594 588

May

811

612

814 809

Jut

630

831

832 030

Sep

851

850

861 840

Oec

880

878 878

Mar

707

703

702

Clone Prwvtoua

jtoMBA 17% fWy (3 per tamo)
CUh 12649-59 1274-5

_ (Prices supplied by Amalgamated Mstal Trading)

HMjflJO AM Official Kart) dose Open Interest
Total daBy turnover 26,488 Iota

CBUOE OS- QJflWj 42900 US galla S/barrel
Latent Previous HlgWUnr

Chicago

r.; ?yr—

3 worths T28899J 1300-1

Copper, ifcaJs A (E par toons)
Cash 1221S-£L3 1234-5

1287-8 154.668 lota

Total dally turnover 23,341 lots

Turnover 3084 (8381) lots Ot 10 tonnes
ICCO Indicator prices (SDRs per tonne). OaJty
prh* tor Jun 17 882.47 (886X8) 10 day average
tor Jun 18 073.86 (H74.14)

3 months- 124899
Lsed fE per tormfl)
Cash -290400

1229

1250/1245

1246-7 104957 lots

Total dally turnover 3982 lots

3 months 301-1.6
Hktd (3 per tonne)
Cash 7145-86

300-0-5 18,143 tots

Total dally turnover 3,582 km

Jut 2228 2229 2233 2218

Aug 2234 2234 2239 2238

Sep 2238 2238 2231 2230

Oct 2231 2218 2231 2214

Nov 2210 2200 2212 2209

Dec 2294 2230 22.04 2139

Jan 2131 2137 2131 21.80

Feb 21.77 21.74 21.74 2136

Mar 21.80 2130 2130 2137

Apr 21-40 2138 0 _ O

HEATWO OtL 42000 US galls, cents/US gafta
Latest Previous Mgh/tow

OOfTHI - London FOX

Jut

Oose

701

Previous

711

Hlgh/Low

708 898

Sep

788

736

732 723

NOV

749

759

753 745

Jen

788

779

772 788

Mar

790

815

792 786

May

808

813 808

Jul

828

832 825

3 months 722590
Tin (5 per tonne)
Cash 6865-70

72403 23387 lots

Total daDy turnover 2313 tots

3 months 8870-75 682P-S 8

Bnc, apedal Mpi Sreda ($ per tonne)
Cash 1315-20 1308-10 1

3 monflw 1210-11 1221-2 1

IMC m Me

SPOT; 13655 3 months: 1.8395

6685-7 0332 tots

Total daily turnover 21328 tots

1290

1223/1206

1285-90

1208333

6 months: 13168

9 months: 1.7981

Jut 6105
Aug 8165
Sep 8280
Oct 6355
Nov 8440
Dec 5828
Jan 652Q
Feb 6400
Mar 6150
Apr 6930

6128 eras
8180 BT30
8280 6280
8370 , 8345
8458 8440
8830 8515
8530 6520
64fO 6400
6150 8160
5030 5930

8QYA8EAH8 5jQM bu mint canta/fiOlb bushel
Cto— Previous Hlgh/Low

Jut 803/8 602/8 604/8 SOS

Aug 607/4 608/4 00010 599

8ep 813/0 flli/0 814/4 604

NOv 018# 878/4 021/0 010

Jan 827/4 626/4 838/0 618

Mar 636/0 834/0 636/4 828

May 640/8 837/0 641/0 B32

Jut 642/0 639/0 642/0 634

SOYABEAN OtL 60,000 Bis; cents /16 _

Close Previous Hlgh/Low

Jui 2039 20.76 20.00 2QJ

Aug 2034 2081 SOM 30.1

Sep 2136 21.12 21.11 20S

Oct . 2120 2137 2135 21.8

Dec 2131 2)37 21.60 2IJ

J«n 21.84 21.67 2135 . 218

Mar 2137 2187 2180 21.7

May 22.10 22.15 O _ 0

SOYABEAN meal 100 tons; S/ton

2034
20.70
2080
21.08
2735 ^
2130 W-
21.75
0

SWUM - London PCX _ (5 par tonne)

Close Previous Hlgh/Low

SPOT MARKETS

Tumoven1487 (2983) lots of 5 tonnes
ICO indicator prices (US cents per pound) tor
Jurr 17:Comp, dally4932(4934} fa day average
4887 (49.03)

Crude all (per barret FOB) + or -

Dubai Si 0.008.052 +375

B*e« Blend (doted) 521.10-185 +.100

Brent Blend (Aug) 521.05-1.15 +.150

W.T.I (1 pm ea t) $22902984 +.150

09 products

Owe prompt d elivery per tonne CtF) + or-
Pramfum Gasoline

Cto* Off 5157-188 +2

Heavy Fuel 011 58335 + \

Nepwm smoot -r

Petnhum Argua Ee dmalea.

Other . _ _

Aug 24230 24880 24630 24030

Oct 22330 22880 22840 221.40

Oec 21230 210.00 20930 20930

WUs Clone Previous Hlgh/Low

Aug 288.90 29180

Oct 27130 27430

Mar 27530 278.00

May 27830

29030 283.10

27330 268.10
27830 27430
28130 27830

WTATOW - Lqmfan POX _

_ Close Previous Hlgh/Low

Apr 883 813 >13 883

Turnover 03 785) loa at SO tonnes.

Turnover: Row 374 (207) lots ol 50 tomes.
VtMts 1488 (1131)

Paris- While (FFr per tonne): Aug 1588.61 Oct
148832

tonumu. - London POX _ grtotwa

Close Previous Hlgh/Low _

Aug 12230 12330

Turnover 0 [0)1 ots of 20 tonnes.

(Prices supplied by N M Rothschild) _

Odd (troy at)

_ 5 price _ -C equivalent

Close 34130342.10

Opening 34130341.40

Meriting Ox 34090 (84.077

Afternoon Bx 34135 183354

Day’s Mgh 34135342-15

Day's low 84070^4190 _

Loco Ufa fan Bold Lending Hiss (Vs US*)

1 month 3.46 8 months 338

New York

COCOA 10 tormatoS/nnnes

GOLD 100 troy ol; teroy oz. _

Close Previous High/Low

Jun 3423 3412 3423 3412

1 month

2 months

3 months

331 12 months

338

Jut 343.1 3413 0

Aug 3442 3423 3452

Ocr 3483 3443 3483

Dec 3483 3483 3402

Pet) 3502 348.1 350.8

Apr 352.4 361-3 353.1

Jun 3543 3532 0

Aug 3572 3662 0

350.6 3403

350.1 3S33

Jul

Ctoee

828

Previous

913

HJgMLaw

582

813

Sep

873

883

877

883

Dee

925

919

929

919

Mar

973

988

976

987

May

1004

1000

998

997

Jul

1033

1029

1030

1030

Sep

10B3

1059

1088

1080

Dec

1103

1099

0

0

Mar

1135

0

0

0

May

1166

O

a

0

Close

Previous

Kgh/LQw

Jut

181.9

1812

182J

1792

*J0

1822

1822

1KL2

1802

Sap

183.4

1822

184JJ

1B1.7

Oct

200.4

199.0

ajo2

1910

Dec

200.7

2005

201.0

1982

Jsn

2012

201.1

2012

2002

Mar

2012

2012

2012

2007

May

201-5

20U

201S

mo

MATO 5300 bu mtn; conts/E6H> boshet

PLATINUM 80 troy oz; S/boy oz.

Bit p/tony oz

219.70

US cts equhr

GOfPEE -cr 37300H>to conns/lba '
Ctoae Previous HtpWLow

Sold (per troy oz)4
Silver (per troy ozjqh
Platinum (per troy u)

5341.95 4,40

409.0c -20

L - INM _ S/barrel

Latest Previous tflgh/Low

PBBOHT - U ndoN PCUt XHMndtor pojm

Close Previous High/Low

Spot 219.70

3 months 22530

6 months 23040

12 months 241145

PeUadlum (per troy oz) S00M

5384.10 -3.75

Copper (us Producer) 108.49c +134

Lead (US Producer) 37.0c

Tin (Kuala Lumpur marital] I633r +oQ

Tin (New YorJO 31030c + 3.0

Zlnfi (US Prime Western) 82.0c

Aug

21-10

tun

2U4 21.08

Jun

1148

1140

1150 1135

Sep

21.05

2191

2196 2099

Jul

1060

1048

106S 1048

Oct

2091

2088

2090 2099

Aug

1085

into

IMS 1065

Nov

2020

20.75

2090 2079

Oct .

1200

1190

1200 1195

Dec

2070

2099

2070

Jan

1243

1243 1235

Jan

20.60

2050

2080

1245

12451225

IPE Index

Bapy/yi

2098

21.09

m -

2098

en

Tunwv

1162

or 107 «17

1154

)

1152

Previous

HloWLow

Jut

8040

BIAS

6190

6090

3889

Sep

8290

8390

83.45

8295

3619

361.0

3579

Dec

8590

60.40

0695

66.25

3699

3089

3809

Mar

8890

89.00

6990

68.40

3689

3679

3649

May

72.00

73.10

7390

72.80

388.4

3689

385.5

Jid

7890

76.66

7025

75.00

Sap

7890

7795

7790

76.75

Ctosa

Previous

Hlgh/Low

Jul

249/8 .

251/4

250/4

248/4

Sep

254/2

256/D

254/4

252/2

Dec

257/4

268/2

257/4

250/2

Mar

264/4

288/4

284/8 .

262/2

May

367/6

289/2

3BM

2MU

Jul

270/4

272/2

270/4 .

288/4

Sop

266/0

2S9ZQ

0 -

. 0 .

Oec

258/0

284/4

256/0. ;;

252/6

WHEAT 5300 bu mirr. cena/aotb-bushel
Close Prevtata tflghfljwr

(Prices supplied by Engethard Metals)

5 price G equtvetom

SILVER 5,000 tray oz; cenndtray 04.

Krugerrand 3*126-34225 18330-183.90

Maple lost 35230-363.00 188.75-180.25

New Sovereign 8330-8430 44JXM33Q

HAS OH. - tl«

C«8B (Hwo wetghft T1339p +132*

Sheep (Rve vrelghQI* B835p -325*

PlflSjIhw wefebW 33.70b -3W8-

London dally sugar (raw) S27l3t
London daily sugar (white) S2KUX
TaM W Lyle evpert price 0852

Setter (English toed) Uni

M*U* (US No. 3 yellow) £148.0 -13

Wheat (US Oarir Northern) unq

Rubber S230p

ftoWKT (Aug) IF 8230p

Rubber (KL R3S No 1 Jut) 22i0r

Coeomd oil (PMItopliwW S59UM Il03

Paint Oil (MaJiyaianK S4i03y -?£

Capra (PhHfpprtesK 5367.5* -12JS

Soyabe ans (US) E 14&5

Cotton "A" fade* 88.40c *OS

Wuoitops (84a Super) 396o -8

0090

Previous

Hlgh/Low

Jul

186.75

187 25

18995 18890

Aug

10090

19090

19075 18990

Sep

192.73

19198

102J5 191.75

Oct

1B&25

18390

I9S3S WM

Nov

196.73

19595

1974)0 18690

Doc

10776

198.78

10845 10790

Jan

195.75

19490

19890 195.73

Feb

19390

18390

19125 193.00

Mar

18SL25

18890

188.00

otutna - lee
Wheat Clou

Kgh/Low

Jim . 12236

Sep 11025

N« 11826

Jan 11725

Mar 18029

May 133.10

12203 121.78
11030 11086
11320 11320
11730 11720
12030 12CL28
123.10

TBAPtoP ownons _

Alanfahan (99.7%) COfla _ Puts

ShlUe price 5 tonne Jd Sap Jut Sap

1200 71 90 3 3

34 31 36

a 123 114

Copper [Grade A) Cons

Turnover 8878 (137B8)Ms of

Baris j ’ Ctosa

WgWLovr

mi mi a 3

43 60 3 21

3 15 80 75

HUNT A WOn’ABLBS

Top quality English strawberries remain
plendfur tWs week with prtors 41 90p-£l20
(90p-£120) a lb report* ttte FFVIB. Near
Zealand Mwfttrt « 2tW3p each {2t«3rt la
e good Putt buy. along with Spwrfa. French,

Sep 107.70

Nsv 111.15

May 11025

107.70 107.50
11125 111.15
11925 11920

Sap Nov Sep Rov

Turnover wheat-103 (79). Barley 47 (70).
Turnover tots ol 100 Tamm.

7TJ0

48

70

20

21

790

•21

42

48

43

aoo

9

25

83

78

Sep Dec Sep Ctoe

Jun

Close

4089

Prwvtoua

40L4

Hlgh/Low

4089

4069

Jut

4099

409.0

411.0

4079

Aug

411.0

4109

0

0

sep

412.4

4129

4149

4119

Doc

417.0

416L0

419.0

4189

Jan

418.7

4189

0

0

Mar

422.1

4219

0

0

Mey

4258

428.4

4239

4269

Jul

420.1

4289

4299

4289

Sop

4332

433.1

0

0

HUM GMJOE COPPER 25,000 lb*; cemaflBs

Close

Prevtoui

Hlgh/Low

Jwr

104.25

10490

10490

10490

Jul

104 M

10490

10495

10390

Aug

10495

XM-30

0

0

Sep

104.70

104.46

10490

10490

Oct

104.60

104.40

0

0

Nw

10498

10490

0

0

Dec

10490

10495

18495

10490

Jan

10490

10390

0

0

FW>

10390

10390

0

0

Mar

103.80

103/45

10390

mss

COTTON 50300; canfa/fee

Jul 82.18 8323 8250 01.90

Da 6427 8536 8420 6430

Oec 6420 6020 0425 S32S

Mar 05.19 8520 65.40 8S.0S

May 6528 8328 8180 85.48

M 2&90 8326 9526 BAflO

OHAMoe JUICE 1S.00Q tor, centsfflw
Ctoee Previous Kgh/Low

12S2S 19720 ■ 125.70

118.10 11020 11720

113.75 11420 11X50

11X05 11320 11X00

11330 114.00 11430

11220 0 0

11220 Q 0

11220 0 0

1t£tt 0 O

Peas am Oils week*a beat vegetable buy

S Atom imton atherwlH stoud. p-ponce/kg.
c<wita/fti. r-ringghftg. wim/Jul y-July w-Jul/
Aug . ■(Meet Commission overage Jafa-

iano-ispait>.(iMom

l«> (4&80p), tttong wtat eetsiy ai BWBp a to
(50-Wp) and English Spring onions at«M3p
a bunch (35-46P).

PM» - lewriowWOX (Cash Setttemom) p/kg
_ Cloaa Prevtoos Hlgttf Low

J*I " M42 1143 -'

Aug 1042 1053 10421043

Nov 1Q7.0 1083 10721083

Turnover: T2 (17) tola «l 3260 kg

» 08 17 17

15 41 ffi 27

B 29 50 40

SUGAR WORLD "11” 11X000 lbs; cants/lbs

Aug Sap Aug Sot

47 58 38 68

25 07

13

Close

Previous

Hlgh/Low

Jut

1891

it.os

11.04

10.70

Oct

991

1092

1094

994

Mar

9.00

8.84

994

998

M«ir

892

0.78

ft 70

fi.82

Jul

894

9.70

9.84

997

Oct

9.47

993

8.90

990

HEUteRS gear September 161931 - 100)
Jun.18 Jun.17 mnth ago yr ago

1992J 1584.8 1397.0 17723

DOW JOMKS (Baas: Dae. 31 1974 - 100)

-ton.17 JtattB mntti ago yr age

Spot 119.18 11826 117 74 13024

Futures 120.12 11X78 11824 13631.

Jul 332/4 364/6 864M

»«P 355/4 358/0 357/2

Dk 363/4 385/0- 365/0

flttr 382m 388/D 364X1 -

May 351/0 355/0 332/0 '

Jul 332/4 335/4 33310

Sap 33914 342/4 0

Oac 349/4 3g;4 0

UVECATne 40300 the; cehfa/lba
_ Close PWtoui WgMjn*

raiia 73,400 7X37B

«■» 71350

Oct 70275 71.000 7027S

wc 70325 7022S 7X17S ’

Peb 69275 89.750 ' BBJ60' -

Apr 70850 70700 70880 -

Jun BB.P75 68.100 88200

UVSHOOS 40300 to; eentsribs

Ctoae Preyloua- tOgh/Low

4MS0 ***

40278 40230 . 40600

oS 43525 4 W“ ;

<W 39280 39700 40JS8

D4C 42300 41225 42280'

Fab 4&2S0 42400 43200

Apr 42225 42.350 42200 -

Jtfa 47280 47200 - 47,880 - '

■ PORK BajJES 40300 toKcenarifa'^

Cto— ftevfaua HMutotfr‘

>M 92760 32275 33.580 ■*

£2? SO-mg 31200 ;'•*

fob 42.100 42200 - 42230 -

Mar 42250 • 0

M*y 42200 48250 42200 -

Jut 42250 43350 -• 0-

■

33

-FWANGAL.TEVO^ FRIDAY JUNE 19 1992

r.i? i .1.1 j'K m.j :g 4 :<-j; m : ft

er tn 1 •

^ ’ Bir T^Bytani
V^ji?V M K ®tocJc MaikatEditor

' ,;J CP® f ^ u ENCB cracked on tbe-
a; London stock market yester-
? tty morning to the foce of a
fcvave': of alarming develop*
<5smS*S: a " at - & onie _and abroad.

E^mtifis suffered-their worst
* ^trading session ,ot the rear as
i ‘^ FT-SE Index fell by neady
-140 =pbinfsat midsession «nrf
• -5J«e*:JineB-ti£ blue chip stocks
3 m ^ >■ *' came ®n.tot&e-marfcet..-
*vv^5jS ' Moat of the damage to share
. ■i^ c 'priccs came early. London had
« a already reacted strongly to the

falls oversight of 400.24 on the

■ ■ *3 deatt.a further; and in immedi-
;; :b{ T’ -t. ate terms, more serious blow.

; GRA, the .weald’s largest air-
*= s > craft.leasing groqp, withdrew

sei -i . ^■ _

Clt-Aviation

Iflstocks/

; |||? suffer ■ '

r . v ^ THE SHOCK caused by the
;^" = ■&; withdrawal of GPA’s global
share offer sent tremorB
.rT'V^at' v'through the aerospace sector,
~7‘ ■ 5 ?^ teading to falls to British Aero-
,‘ J . Ci =! tr^T space andRofis-Royce.

^ j : At the day's worst, BAe was
r n ^ >. z. down. 28 as confidence in the
yi -’is j ^ aviation industry received a
j.v ] sharp knock. Some dealers also
! - ^ J.- talked of the possible effects of
i^Kse ofthe GPA move on its orders feu*

- ‘ Airbus aircraft.' GPA is one of

— ,_ Airbus's biggest customers and

^^“^ BAe holds 20 per cent of the

iCOtlD Sentiment was farther weak-
v ened by fears of bad news

N wben the BAe chairman met
UK analysts yesterday evening
in' Berlin. - Bargain hunters
helped the shares come off the
. ■»* nar-r. bottom and they, ended 16 off
t £u,. at 2?7p on turnover of 8ifcn.

r. ~ i. _ Rolls-Royce was also affected
X-.v^ii by the news from GPA hot it
; t 7 ~ * >K ' n was, speculation, later, proved
. i.. , unfounded, regarding problems

T'TCtif.at an .important customer of
"“VJtoilSrRoyce which caused the
;i increased turnover and fell in
.• .‘I"price- Volume rose to

’* njns-

also said to, have been a factor.

•i fl?- * Gloom at IGI

i 4. A. gloomy progress meeting 1

b; -r : r- 1 -.pt JCI^n^ipt^,a,,numb«, of.
i:! rtS: vi securities, houses to cut their
ri. : n .forecasts for the group and led

rTct*.£to a r sharp fell in-the share
price. The stock was further
C ".ri.- * affected by the continuing
:-; 3 r overhang of the stake sold by
■ \*r.r:. I: e Hanson. The shares closed a
net 36 lower at I2S5p. '
Mr<Jbarles Lambert <rf Smith
New Court said the previous
' .‘■i-'-s'jA consensus forecast for 1992
profits bad been£955m, and he
;V-'--“T* w® 3 cutting back, to £875m

'" r - from around the £900m mark.

' One ICI broker was widely
believed to have cut bis estl-
—-— mate to £830m from £900m.

« Analysts said ICI highlighted

u _- the dirappointing performance

-■ of Agxiclmmicals and the flat
progress of •: the industrial
—■—*^T chemicals arm. Mr Lambert
- • added; They are saying notb-
ing pardculazly different from
i -■ - anyone else in the industry,

! ii but they bad shown a glimmer

■ - of hope at the end of the first

■ quarter and, formally, they

_"7. have gone more cautious, than

VT T: - they wero"

.-^'-"7? ’1110 shares were also over-

■ _ . •' shadowed by the 2S per cent

.-stake that Goldman Sacha
7.|| bought from Hanson for 14Q0p
:' a shar e in early May. The US

NEW HIGHS AND
LOWS FOR 1992

factors overwhelm equities

FINANCIAL TIMES STOCK INDICES

Junt Jm Jana Juna Jum VMr

is_ rr ie is a Ago

81mm CompUaSM

Hip LM

its planned $lbn global share
offering; barely four hours
before it was 6 im» to nwiwuy a
the pricing details.

But not even this unprece¬
dented development proved to
be. the end. of the day's woes.
ICr* share price began to
crumble as the first reports
trickled back to the C3ty from
the company's meeting with

analysts, who then began to
cat profit forecasts for the
Britai n’s blue chip chemical
group. The ICI meeting caused
fresh doubts over the progress
of UK companies.

The Footsie fell to 2,559.1,
abandoning an Important sup¬
port level as large blocks erf
stock in such well-known
names as British Gas, Midland,
and Hanson «n«» on to the
market.

investment bank is still
thooghtto have at least 10m of
the shares on its book.

Ladbroke supported

Best performer in the leisure
sector yesterday was Lad-
broke, which put on 2 to 208p
as Hoare Govett and County
NatWest both turned buyers.
The shares had been under
pressure for several weeks fol¬
lowing a series of downgrades,
with analysts focusing on the
group’s property portfolio, par¬
ticularly in the US.

According to Ms Lisa Gordon
at County, Ladbroke is now
trading at close to a 10 -year
relative low, and “in a market
looking for decent yields the
company promises a safe 7.6
per cent based on a 6 per cent
increase in di vidend this year”.
Mr FTamigh Dickson at Hoare
agrees and, while retaining res¬
ervations about the property
exposure, believes Ladbroke
-will generate;sufficient reve¬
nue to raise its dividend.

Rumours of a downgrade in
Forte by its broker, UBS
Phillips & Drew, persisted in
spite of the house’s firm denial
It was said that UBS was now
at the bottom of the market
range. The shares receded 5
tO209p.

. A number of big. -Eob.tsfe .
stocks saw heavy trading yes¬
terday as a rumour went round
the market that the Kuwait
Investment Office was lighten¬
ing its portfolio. There was
also talk that depressed mar-
ketmakers were cutting both

Accou n t Pawling Dates

Aoc u—T Pay;
Jon 28

An attempted rally was
unsuccessful and although
Wall Street was only 5 Dow
punts off in London trading
hours, the UK market closed in
a mood of gloom. The final
reading put the FT-5E Index at
2,562.7 for a day's loss of 85.7.

The GPA decision, prompted
by a Tack of institutional sup¬
port, reportedly In London and
the US, cast a chill over the
rest of the aerospace sector

their losses and books after a
grim week.

A block of 9m British Gas
shares traded at 184’A p was
behind a heavy overall turn¬
over of 23m for the stock,
which fell 5 K to 247p. Royal
Bank of Scotland saw a line of
9m shares dealt each way at
185p and closed 9 off at I86p.
Hanson, enlivened by a block
of 6m shares sold into the mar¬
ket, slipped 5% to 209Ap with
21m traded.

Flotation worries and a prof¬
its forecast cut hit Lasmo,
which fell 10 to 199p. Analysts
had generally expected the ail
exploration company to
announce the pricing for the
flotation of its North American
assets acquired when it bought
Ultramar. The announcement
was expected on Wednesday,
but its non-appearance com¬
bined with the withdrawal of
the GPA float created market
concern. Also, Strauss Turn-
bull revised its 1992 forecast to
a loss of £27m from a previ¬
ously estimated deficit of £4m.

Wellcome, expected to raise
about £4bn through a heavy
share flotation this summer,
was also hurt by the GPA
news. The shares fell 25 to
919p. However, analysts
remained convinced that the
flotation was secure.

A 10 per cent dividend rise ,
and profits towards the top of
market expectations felled to
provent water company Severn
Trent dec lining 7 to 375p.
Regional electricity supplier
Manweb eased 2 to 342p after
announcing a 61 per cent

and also discouraged stocks
such as Wellcome and Lasmo
where prospective share plac-
ings were threatened.

The depressed state of the
market yesterday masked a rel¬
atively favourable reception for
the day’s statistics on UK
employment, unit costs and
money supply. The increase in
May's unemployment total was
smaller than expected and but¬
tressed the view that "eco¬
nomic recovery Ls In place
rather than in doubt," accord¬
ing to Mr Ian Harnett at
Strauss Turnbull

Some of the pressures came
from basket trading between
stock and stock index futures.
Today brings Triple Witching
Hour on Wall Street and also
expiry to London of the June
contract on the Footsie. A very

' m'j; i • . >• • ■ . •

Equity $lU^Truicl«>d

■fa^yrie^spvwsoiw tumovbc'7 j

increase in profits, to line with
forecasts.

A block of around 9m shares
in United Biscuits was
reported to have stuck in the
market United, hit by a profits
downgrading earlier this week,
lost 5% to 362p as 2.1m shares
were traded. HHlsdown was off
5 at 159p after a substantial
placing resulted in turnover of
28m shares.

Bass managed to gain a
penny to 604p as shares in the
leading brewing and drinks
groups generally weakened.

• FT-AQTUAfllES SHARE INDICES _ . .

> Tht Financial Timas Ltd 199?. Compiled by the Financial Times Ltd
fa.eoitiuncdon with the hnfllnte of Actuaries and the Faculty of Actuaries

EOUITY GROUPS

:hi i

Thursday June 181992

Figures In parentheses show number of Index
stocks per section No.

Wed Tue Mott Year

Jot Jn Jm 49

17 16 15 (approx)

xd adi ]

1992 Index Index Index I Index
to date No. No. No. Ho.

85L91 820.7b
959.01 UVHlSO
878.69 1246.95
2562.71 2346.94
197923 179685
36426 42058
5372Z 44L46
336.05 448.74
36L99 32256
1787.04 151133
1678.4011664.80

217L56 1803.64
127301 115658
2875.79 2600.14
395086 3529.02
1277 J9

Index Dor's Day's Do's Jh Jm Jun Jna Jn

Ho. Cham HMita) I LovlU 17 16 15 12 11

2562.71 -35.71 2578.41 2558.61 2596.41 261651 259351 2603.71 2614Jl 2479.9

FIXED INTEREST

-0.08 1173.65
-0.a |l53.71
-0.19

6.18 =

6.89 7
6.06 8
635 9

6.68 __

- bdex-Uriod

11 Inflation rate 5%
1.83 12 brfblionrate5%
2.04 13 hflaiionnttlD%
x qg 14 Inflation rale 10*

M5
16
17

Uptowns.

OierSjrs.

UptoSjn.

0nr5jra.

and tows reconl, base dates, tunes and

sufesrfptiai from FJNSTAT, 2nd Floor, 126 Jernom SmLondon SWir 4UJ. Til: 07

Sootbwark fir
to these indices.

large seller of the September
Footsie future appeared in Lon¬
don yesterday afternoon and
several leading trading houses
were struggling to square up
open positions between futures
and the underlying blue chip
stocks.

Seaq-reported volume
Increased sharply to 517.9m
shares from the 423.7m of the
previous session. But these fig¬
ures include both customer
and intra-market business.
Customer, or retail activity in
UK equities has remained light
this week, and was worth only
8868.7m on Wednesday. The
low level of genuine customer
investment business has left
some traders with exposed
positions in both the June con¬
tract on the Footsie and also to
the blue chip stocks.

UBS Phillips & Drew refused to
comment on suggestions that
the securities house had rec¬
ommended a switch into Bass
and out of Whitbread “A",
down 10 at 434p.

Mr Andrew Thompson, ana¬
lyst at Kleinwort Benson,
advised investors overweight
to AlUed-Lyons to switch into
Grand Metropolitan, but added
that, he is only making such a
recommendation after Allied’s
recent rise and has not
changed his advice on the
stock from a hold. Allied
slipped 18 to 644p, while Grand-
Met lost 6 to 475p but per¬
formed better than most lead¬
ing shares in the sector.

Guinness, 10 cheaper at 573p,
was depressed by a profits
downgrading from Kleinwort

Tyne Tees Television jumped
34 to 26% following a £30m
agreed bid from Yorkshire IV,
which fell 7 to 169p.

Speculation in the French
media that a takeover, for
E uro tu nne l was to the pipeline
helped lift the shares fi to 34%.

Shares in TL which recently
took over aerospace and Infor¬
mation technology company
Dowty Group, were affected by
the GPA announcement and
feD 14 to 353p. Also affected by
the «wn« sentiment was Brit¬
ish Airways, 7 lighter at.263p.

MARKET REPORTERS:
Christopher Price,

Peter John, Joel Klbazo,

Colin MMhttfit.

■ Other market statistics.

Page 22

OonwniMfflt Secs 88.78 88.76 8074 88.70 B8£2 83.78 89*2 85.11 127.40 48.18 .

~ _ ■ ■■ _ (2BJS) (1/<| ,(S/r/3S) ■ (3/1/75)'

Fixed Interest 104.35 104.36 104,37 104-42 104,63 Q 2 . 8 S 10582 87.15 10582 50.53

_ P75) (271) (2/6/92) (371/75)

Ordinary Share* 1B8M 2822.1 2037.0 2020.4 2te&3 19484 2149.7 -18514 2148.7 -49.4 - i

_ - • (22S) i3/4) mens i wwn

Ookt Utnum ml 1»7 T09J 1045 tos.7 1895 ISOfl H&T 734.7 ’ 4XS

___ (UV1) (1118) l2Sn07711

PT-SE 100 Shan' 2562.7 2598.4 20165 2393.6 2603.7 2484.7 27375 2382.7 2737.8 9889

_ ' _ : _ (11/5) (3/41 (11/5/82) (23/7/841

FT-SB Eurotrack 200 1108.543 1202£7 1207.68 1109.73 1207J3 118280 1248.79 112(252. 1248.79 938^2

__ (1W)‘- »/1) QVB/82} QS/1/8H

•Ord. CHv. Yield • 4.85 4-58 4^4 4^7 4^8 4,07 Bmt 100 Bed. Sen iSnOQC. Rnd U. iSHt Oaaeiy

•Earning YW H(6ilQ 882 B.72 8J55 8.70 0.69 8.50 1/7/35. BM nkm 1S/SS6. BHi 1BDD FT-8C1D0 31/IBB

•P/E Ra« 0 (Nei)(*) 1188 ISiH 18^3 18.70 18.75 14^3 4/T«Bwtedi2BI2amwaaMi7«tPWte

Fixed i n teredl

Ordinary SharaS

PT-SE 100 Sham

SEAO Bargns 6 . 00 pm 22,049 22.012 21^53 21^01 27.061 27^28

Equity TumovarlEmJt - 88 M 609.1 0 S 1,2 1 096.2 84ai0

Equity Bargatnsf - 34.004 24.485 23J14 30.736 28.048

Shares Traded [m 0 + - 389£ 349.6 aosa 4712 417.fi

OrJnary Share Index. Hourly chaagee Day's High 2001.8 Days Low 1884.6

GILT EDGED ACTIVITY

Gilt Edged
Bargains

June 17 June 16

87.8 95.3

Open Sam 10 am 11am 12 pm 1pm 2 pm 3pm 4pm —-- ; -

1395.0 1985.1 2001.5 1999J 11994^ 1933.0 1B8&3 19882 1904.6 5-Day average 104.0 105-5

FT-SE 100b Hourly cheep—

Pay*» High 2S78-4 Day's Low 2558a *SE Activity 1974.

9 am I 10 am 11 am 112 pm I 1 pm I 2 pm I I 3 pm I [4 pm

-tExcludlng intra-market

|bs7oj| [2567-2[ 12578.11 |25re.i| 12669.81 |25wio| [25S9.i[ || bualness and Overseas turnover.

FT-SE Euratreck 200, Houtly changeat Day’s High 119486 Day'B Low 1185,13 London report and latest Share Indax:
i L.-„ i 1 - , —— 1 I ;jl I—7——— r— - r— - TaL 0891 123001. Calls charged at 38p/

| imm 1102-50 j 1191.85 I 1192*18 1 1iw5a 11B6S& 11£CT^5 r "*"‘ “* Wl

TRADING VOLUME IN MAJOR STOCKS

ADT_

WUQne-

WWIMuX_

ABM Final -

MM-Lrm_

Aitand__

AoObnWNar__

SBE=

ar_

HTNa> --

am-

axtedOBoKiii.

Brt. AMMpaca.
BrIMi Akaai* -
BrttBOl*_

Bunan _

CatetM*.

CdorCrne-

CottnCMM*..

d on nw tradnu «uh
1 ara iDinM down.

Ifetaa*Ckake Om* WaCMi

aani fhw c mw . . son M

_ U « -4 Com IMaa -843 m

~U00 3»>z -2 CooMon——- 250 n_

-arm m -t qmm -uo sea

_Tar 70-1 Dean-m «x

-1/m 645-13 OaCiht- 322 555

a - 1 »| amp--— 1^00 2*5

_ UX» 396 -6 SanwnBKt- 457 277

_132 m +1 rvA Mkt*ni Efed._ 781 281

-1200 360 -1 EmCWnana-340 527

— Iff) 34B -■ EnMrpfraON-- IJKO «TO

_ 411 420 —i4 Emamduna_»> us

_!Q 340 +11 m - ZJVO 77

_661 Hi -1 RMM-- 4JB0 MS

_ 2,000 780 +1 Fort!-MOB 200

_ 3200 151 -3 QwtAoddM-IflOO 473

_ UBS 32f +1 BwwnlBact-43C0 ZM

-U00 672 -I Qtm-4L200 En

_831 174 OyAMdU.- 690 2»

„ am seh -3h aww*- 333 233

_ T.700 T2B -3 ttmnd UK --2X00 <75

— Sjno 473 -B QU3A-26B 1500

_ 22» ItB GRE-WOO 147

-4.000 334 -S GXH-406 3»

— mo OM +1 ateMH-2300 SO

_178 1* -I tawwan'A'-» _366

— 1.300 21* ~2 Hunt-21000 200^

—.boo 480 -n Haeonmnam _2JD0 23 ^
_ 2JOOO 447 HnlHBaCMMd-2J20O UH

— 173 aw -2 nm-auxn us

-4 .m zn -to m -i.ioo sa

_ SM W3 —7 Id - VXO U35

.291000 M -5*7 BcAcni —_T 50 Q 488

-1200 207 4-1 EbgfiSr- 630

— 3JHO 243*1 —3 Mkhn. - m

- 2 W 70 -1 LadBnta- SJltt 20

_10 08 -4 UndBmMaa -__ 1,« 4t

— 800 64-14 Ljparti —-ISO H

_ 1200 50V +•» LkuS6®»iw4 _406 31

-1^00 SS3 -7 UqdiAttwy-593 31

i.XBOO 466 -« UndtBmk-l.flCO 4t

_M T8B -3 LAfiSW___ 2000 II

_640 «S -14 London BacL _573 32

_501 SO 43 Darin—__3^00 [

ding tttuniaier • MMcdonal Alpha aaeurMak

WVntCBjfcg CW’l VOBMCMMO 0«1i Vtotan*SqrV

00» Ms* cnaopi am Mi danpt m Mr dnp

— 5S •* -» Ucn_ 484 » -3 ShiXTmiuporl-1000 SOI -9

-*5 If? -1 WCmtal_730 278 -4 SUM -— B20 ™ -7

-Wl SB -M ICC_136 soa -2 Staiatoeni_ -WE 175 -7

-T74 406 -» M«—b _ 106 3« -2 8m0MJ4)A-240 408-

— ® 556 -12 MMU69|Mrcdr — 3200 333 -3 Sd«bAMilMw-147 Wh -1

-1.200 US -8 MAndBart-BljOOd m -tl SmHGaadiwn- 1.400 868 -0

— « 277 -2 MUudtBacL_ 120 301 -3 SnN BMCtunUK. — Wl 3843 - 40

— 781 Si +1 PEC_urn 253 +2 BnMkxfc_2.400 266 -7

— M 527 +4 MM Box-1300 3=3 -7 Eowbwn EtacL -S3 2* -2

— 1.800 403 —2 MBonalPowar—— 3JK-! 296 - 2 SamKHMaBoot-.no 361 -3

— W US +8 MM-—.2X0 U -V SMNMWUr-84 » -2

-2700 77 -2 HrtlMWur_ m 402 -4 SoUttHUKEUcL-58 287 -2

-MSS *4 N68W8K-» 323 -2 SouOnmWMr-27 M -8

— 2/00 209 -s Horftmftwk_621 9» -0 SantadQwtd._L200 m -4

.48* bh -a shaiTmiepon —1000 508 -9
.730 278 -4 SUM —-- B26 606 -7

-ft nan_ _

-O PIO_

LadBnta-3700 206

Land SacnflUa_1400 401

Laporta. so GD2

Lapal AQmmW ■— 466 377

UojdiAfitay -_ 533 278

Linda Bank__ U900 481

LASUD_.2JC«0B 1W

London BaO._873 320

Daria..3700 01

-3 Rmcdan —,
—8 PindanM -

-n m —_
-8 me_

-4 RTZ_

-V Oaat _

-8 Rank Ora. _
-Sjj ItacMCCrt
-IV RwAand __

-7 Raadma._

-9 Kaad_

-4 RatM*__

-36 RoteRoica .
-8 BoTUMOf _
-4 RflSkKcoda
-2 Rswlbwni
+2 SaatAf „
-2 BabtdMN _
-V Scottm I Na

— UN 3=J -7 Eoabwn Bad. _93 2 M -2

. 2 W 296 -2 Sam WHUaBoeL-IS 381 -3

-2900 U -v Sort Waal WMr-94 SOS -2

_4BS 402 -4 SoUdHM. Batt- 50 287 -2

_ 254 323 -2 SoahamWaM-27 398 -1

-. 621 399 -6 SoiWard OartL —1700 «35 -Q

_206 398 +1 1700 MB -4

— 1700 417 +t Sauan—._Z4M 312-7

-1700 460 -S 7U_ 540 M4 -7

-Uoo t» ‘, ti Grata- 1400 m -u

-1700 246 -1 TEH _ 2700 136 -3

-2700 211*1 -ft Tuac_im 117 -1

—.722 M -Tl Tata &Lyto-1700 380 -8

— 460 968 +2 TajdorWMdnM- SB OS -I

— 1700 B 2 D -10 Taaco- 2 jHXI 277 -7

— 4700 SB ThuaaHhav—_*? 416 -3

_ 448 (38 -14 Than Em_-tom m -6

— 573 632 -3 Itarita_646 477 -.13

_ 860 sio TraUgm tkwat-UOO 1 M

— 366 659 -8 lift**_281 329 +1

— 297 tm -3 Unw_— UD0 095 -8

— an KM -18 Itttad Beans- 2 .too 302 -SI;

13,000 HI -6 IALNnMV«_620 <*1 -6

_30 HOT +1 VftMoaa_— 3L30D 398 -E

21700 « -I Hartmg (SG)- 282 MS -3

if!M :!v

-5C 170 —2

+2 Saaadil_5C* I70 -2 W*m HUar_09 ffifl -2

-2 BataMjy —— 1«0 4(0 -4 WmwOBWw -KB 485

-W Etesam i Haw._ 1.400 457 -1 WWBraad "A"_— 433 494 —10

-8 SeoLMMo-BecL — 852 mV NM n drtdflt.—. UN 3» ~§

-8 ScxMWtFoaar_2.TO TOOV +*a Wtel CamM — 2^0 232 -«

-8 San_2.400 so -l Wtmptr-29 152-2

-W SaMftdk-W5 200 -4 WNnUy-125 400 +8

teaSawd_- 380 rn -1 TMlNraElact-1N0 363 -8

■aunifiMWear-2700 STB -7 V W d te lldd_71 449 -6

t thinugh Via SEAQ aymsen yaatartfay urtH aJQpm. Timm at arm mlUon or

EQUITY FUTURES AND OPTIONS TRADING

THE withdrawal of GPA’s
global share offer, the poor
overnight performances on
Wall Street and Tokyo, and a
gloomy outlook for several
leading UK stocks, combined
to unsettle stock index futures
in a volatile session, writes
Joel Kibazo.

On Its last full day of trad¬
ing ahead of today’s expiry,
the June FT-SE contract
opened at 2,571 and was
briefly squeezed forward to
2,574. But that momentum

was curtailed as the market
focused on the poor showing
to other leading mark ets *>**d
the news from GPA. James
Capel was also reported to
have had a sizeable seller, all
of which caused a retreat to
the June future.

A rally was, however, seen
late morning which sent June
climbing to 2,575. But that
petered out to the early after¬
noon after downgradings of
profits expectations following
a meeting at ICL leaving the

contract to drift to the day’s
low of 2£52.

A rally just before the offi¬
cial market close resulted in
June finishing at 2£65, a five-
point premium to the cash
market, as turnover reached
10,844 loft.

In the traded options mar¬
ket, trading to the FT-SE
option, which expires today,
took centre stage as a total of
21.821 contracts were trans¬
acted out of the day's market
total of 39,745 lots.

LONDON SHARE SERVICE

BRITISH FUNDS

Nobs MkE
■Wort*' |Uw up to Hw \

&di 12V pc 1992-

*3*2PC1932-;-

Trans 8 >* pc 1993-

10PC1953#-

12**pe 199331 —l_:
hm8ng6pc1993*t—^

Tnn 13% pc 198333 —

8 *2 pc 1994-L.

1412 pc 1984**-

Esch 13i« pc 1994-

Tins. lOpc In. 1994ft-

Bcb 12*8pe 1994-

Trass 8pc1994f*_—

12PC1995-

Exdl 3pc Gas 90-55-

10 >4 PC 1995-

Tms !2fipc 1995tt—

I4pc 1B96-:-

tacIWMStt-

l5Vpc 1998**-

E*di13^pc1998tt_
Cawa«DOl0pc199&_

Tnas 1314 pc 1997tt_

En* 10b PC 1987-

Rn to FM8M Y«*n

TrauBbPCiHm— 99(1

a ft pc 1997 □- 98*2

E«Jl 15pc1997- 122i

9 ft pc 1996- wzad

Traps Gfi pc 1995-98*3 92 »t

tflfpeWf*- 1»d

Eudi 12pcl98&_ . TT2JJ
T(6H9*2pc1999tf— 182/,

Qtoi !2i, pc 1999- «4fl

Trans 10lj pc 1999- 108*2

1982

hiffb kw

101*4 100J3
102*1 100^
na wu
ite*a aafl
ms ini a

WB 95A
MSB 1043k
"A 981.
fH*6 lOBfl
1WH 105ft
W1JS 9611
Wi'. 103H
■U 08*.
«ft 103^
te» 881,
•B »A
1te% 106*1
114ft 110ft
«*ii

1«ft 1143
112ft 108*7
183ft MB
T14Q IIQft
Wj| 1Q0B

N 94
teft 98ft
1231] 118ft
TBSft 973
81* MB
129ft T&A

1U*. 107B
102ft 97*
VB& 109*2
W7U 101U

VMd

bt Had.

1228 an
1US (LGS
821 972
878 144
1M> 844
8.18 818
1X02 842

BM 9.19
1379 943

1281 934

877 924

1171 934
874 817
1129 926
821 5.48
888 974
TLM 973
TUI 941

uo m

1288 840
1178 938
932 818
T1J0 887
1881 818

BN 910
9M 912
1224 951

IB 918
783 947
1289 943
1954 980

179 903
1971 931

BJ 8 970

BRITISH FUNDS

fetes

CouQBlon 10ft pc 1999-

9pc 2000ft-

9% 2000 C-

Tran 13pc2000-

10pe 2001--

14pc-98-01-

Bftpc2002-

9 It p 2002 C.-

10pc2003-

10pe 2003 B_

TraM 11 *t PC2001-04.
FrastoB3«apC'99-04_
Convcnlan 9*2 pc2004.

- Cent

MnC •

105*2 _

99% __
"It _
1115 —
i«a —

m _

™« -ft

S? i

Trav 12*2pc2D08-0SL 721JJ -

SpC2002-061*- - 81 -l*

Onr nrUN4i Van

Tms 11 ft pc 2003-07. TUftat _

TnM 8*2 pc 2007 ft— team -i

8*2 pc 2007 A- 9SftU —

13*2 pc "04-08 - 129*2 -ft

9pc2008ff- Hft -ft

Com 9pc In 2011 ft— 8 B« -ft

ape 2011 b -- MUra —

Trass. 9pc 2012- tefi -ft

Treaa S*2pc200»^12ff 88ft -ft

7ft pc 2012-1 Sff- «7« -ft

Elail 12pcT3-n7_ T27ft -ft

Trass 8ft pc 2017- *7 ft -ft

1992

Hoc low
IMft 100*
ttefl 94ft
48ft 38JJ
171*6 114(1
IMft 9B|i
121 115U
118ft Mft
MSA fflft
187* 100ft
187ft 105ft
t»B 107ft
MB Mft
«« 98Ji
IMft 96 Jl

mft no*

MU 85ft

ywn

to tat
932 920
981 908
811 808
1884 942
884 ais
H87 949
Ui 816
8JM 818
M8 818
841 9.18
IBM 840
877 708
827 814
926 9.13

UTS 935

BRITISH FUNDS - ConL

+(■

Koto Ma E -

Max - Unfcvd

(hi

l*eo.2pC'B4__{10Z8) 127ft ~i

2peV6-(678) 114 -*

2 *2 pc VI-(793) 1481* -*

2 ft pc V3-(788) 144ft -*

1992

teF tor

VMd

to Rid

OJ Q)

-A 127ft 122ft 248 380
-ft 1M* 176ft 381 388
-ft 148 JJ 143 483 438
-ft 144(1 1385 431 437

-ft 147ft 139ft 111 438

2pcV6_(895) 148ftra -ft 147ft 139 ft UI 438

2ftpc'09-(780) 133(1 ~A IMft 128ft . 4.8 438

2*jpct1-(740) 138ft -ft 13* JJ 129ft 816 434

2*28613-(882) 113R -ft IMft 106ft 4.14 432

2 *2 pc 16_(613) 121* -a 121G 112ft 4.13 430

2*28670_(830) 118* -ft Wft 8M 430

2*apc74ff-(97J) Mft -ft 97* 88ft 412 473

4*aPC’30tt_ (135.1) sty -A 91 Mft 481 423

HteLoai3ftpcff- —

com 3 *2 pc in WT- 81 ft -

Traaa 3pc *96 Aft- 71*. —

Consols 2*2 pc^,- MH -

Trace. 2 ft pr . Mft —

118)1 11 OS
97* MU
87ft 89fi
137A 123B
M1J) 93fl
Mft 65*
Wft 93H
« 93H
102ft 835

69ft Mft
M!3 81C
188* 120ft
78ft 87ft

433 Mft
35*
*7 S 69
32* 2flfl

17* 2*5

18.13 933
882 907
881 805
1845 935
UI 984
BJS 984
UI 903
981 BOO
UI 903
UI 984
181 901
UI 908
984 686

US

817

949

UI

4ftpc-30tt_(13S.1)
Prwpecttw real redempU
10% and (2) 5%. lb) Fly
indexing. (Ie 8 months prl
reflia retuslng of RPl to H
3.945. RPl for October 19

Don rate do projected Inflation of (1)
loans In paieoihesa stow RPl bne for
iriar to Issoe) and haw been adjusted to
1 100 In Januani 1987. QomeiShM factor
1991:135.1 and for Mm 1992:139J

OTHER FIXED INTEREST

+ar 1992

+or 1993 YUd
Pita) £ - hjpn low to ted
ITS* -* tuft 105ft 983 956

1D7* —5 IMft 100* U7 938

1ft _ Til 102ft IBto 1034

Mft - Mft Mft 988

Mft - 98ft 90 832

TBft _llfift 103ft TU2

a +* 14XJ3 130ft 1884 1033

+5 1718 112ft 1843 9«

-* 184ft 95 ft U2 947

-IMft llfift TUH 1048

left _ Mft 30 1877

Mft _ teft 27 9JZ

IMft _ 718ft «Dft 1887 1034

Mft — M 53 Ml 088

m — n»ft 103ft - 537

IN — INft 103ft - 5.10

taft - 128 121ft 1338 1287

MERSEYSIDE

The FT proposes to publish this survey in
July 2 1992.

The Financial Times is read by more senior
European business executives than any
other international publication. To reach
this crucial audience and promote the
vitality and commercial life of Merseyside
contact : Ruth Pincombe

Td: 061 834 9381
Fax: 061 832 9248
or write to her at
Alexandra Buildings
Queen Street
Manchester M2 5LF

r raoto n »ai m
i at an aUaricA) i

LAC

LEMAN

34

FINANCIAL TIMES FRIDAY JUNE 19 1992

LONDON SHARE SERVICE

AMERICANS

BUILDING MA 1 BIULS - ConL

yw +« 1982 Md

u Now Mes - Mgb tom C*j£ra

*3 seoWnFFf.- 07 -* ttU

3 Slwpa&Rstwr.— S — *

3 SMtO*tt«OiS- Ul - til

- W _ 1M

32 ■Sanrtn- 11* -* *W

cl IThuk- 11? H HI

as (TM-T TR - 171

CONTRACTING & CONSTRUCTION > ConL

■H* 1982 Md W

fV£ IUh Mb - M* to# Q*£n

♦ Uwl i ik _M t»* -Jj n» 17 20 *

122 -S *121 89 02

♦ fMiMt- *i _ a a ui

7.1 37.7 JSMB-1 §1 _ 71 53 4.11

U 213 tSfcrta

BHfNsnntG

&* he
as 122

tees

si 174 «dM«£SdI
U 125 Dy«n{J&Ji—

U 17.1 A—_—.-.

o aa bs--—.

13 v Bfc- n

134 -

34 14*

-GENERAL • ConL

+ar 1332 kH
Price >

to _

■ -i

27 _

7i -4
M _

YW

-a

-8

- 94 WaMghMi_ t

25 104 HriB«

19 1&0 OWn-Hi

92 294

1982 m
Mgb tar Capfin
39 30 -LSI

a u ui

Ot 081, 8714
m 291* LON
121 90 014

■to 234 2U
a ii in
7

W

ft* W
34 90

,.7 am_

In 3fn Jones&Sripnaa_*

u 17 f KYwrarBWCt_

a -1 ■ in

(45

14 307

m -a an m

M«

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RJ

— —

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92 94

a _ no si

124

7.4 85

<74 -fl ■ 4Q0

au

19 IU

to _ to 140

919

91 100

a _ 40 36

9B

57 105

tl* H a 55

814

62 160

to* -fl 07 £19*

1791

S3 283

a _ a* 13

174

63 -

IN

a_

fills -1I« MB* £34* 9497

-fl to 344 55»4

_ OZt S79 17.7

294 IU

a* -* an a* i»

no _ t* era am

at _ ai mo i«j

m _ aa an tu

04 100 491

£17 _ £11* CIS* 9M2

no* — n*a a** tn

S _ • 4 94S

m _ in a

*17 9119

m _ as • m ms

m +i a in w

24 195 WstnSdoa_ V fl 11

30 105 WtotesWmg- to _ ai 245

11 191

a S ELECTRICITY

2a 44 a

1.7

*

a

ia

15

67

190

491

91

IU

a

1094

14

324

13

971

13

54

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91

134

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234

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356

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174

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7.1

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94

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tow Opfid

fifl

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34

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252

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CURRENCIES, MONEY AND CAPITAL MARKETS

FINA NCIAL TIMES FRIDAY JUr-TE 19 1992 .

MONEY MARKET FUNDS /

_ -- - i i i — ■■.I..—- — i i — - t

FOREIGN EXCHANGES

FINANCIAL FUTURES AND OPTIONS

Dollar slips on trade figures

THE DOLLAR slipped over a
pfennig against die D-Mark on
the foreign exchange markets
yesterday following news of a
wider than expected US mer¬
chandise trade deficit, writes
James Blitz.

' The deficit widened to $6.97
billion in April from a revised
KU58 billion in March, sending
the dollar downwards as the
American markets opened.
Earlier, in late Asian trading,
the US currency had appreci¬
ated to over DML5S following
short term positioning by dol¬
lar investors. But yesterday's
trade figures quickly pushed
the dollar down to a low of
DMl.5630. The currency closed
down at DM1.5650 against a
previous close of DM15780.

Underlying the dollar’s drop
is uncertainty about the US
economy. One London analyst
said yesterday that he had
revised downward his view
that the dollar could bottom
out at DM156. The economic
recovery remains weak and
speculation about another eas¬

ing of interest rates by the Fed¬
eral Reserve hangs over trad¬
ers.

Also playing on nerves is the
strong candidacy of Mr Ross
Perot for the US Presidency. A
serious three-way contest for
the American leadership
makes it uncertain whether
there will be a clear result.
‘Investors will have little appe¬
tite for acquiring dollars before
the US election is out the
way," said Mr Neil MacKinnon,
chief economist at Tamaichi
International in London.

The dollar's weakness was
again a by-product of D-Mark
strength. The Irish referendum
on .European union, the result
of which will be known today,
continued to worry traders.

The Italian lira had a bad
afternoon, dipping below L758
to the D-Mark, and threatening
to test its lower limit in the
European Monetary System
against the strongest Currency,
the Portuguese escudo. - In
response, the Bank of Italy
moved up its short term money

market intervention rate by ft
a per centage point to 145 per
cent

The D-Mark was also stron¬
ger against sterling, which
closed down half a pfennig at
DM2.9200. The French franc
was also softer against the Ger¬
man currency at FFr35703-
from a previous close of
FFr35890. .

Although it ended the day
stronger against the dollar, the
yen was weaker against the
D-Mark, prompted by the over¬
night fell in the Japanese stock
market Stocks ended at a 63-
month low, with the Nikkei
average barely above 16500..

Suggestions that the leaders
of the Group of Seven leading
industrial nations win can for
a stronger yen at their summit
next month are keeping the
currency strong. But that
strength may disappear if the
Japanese economy weakens
further. The yen closed down
against the D-Mark at Y8059,
compared to a previous dose of
Y80.51,

UjFFEUMfi m FUTURES SWIMS
£9MM.Mtto if 1MK

PliDf So ■ fee
94 33 4-22

PnbrKUkmB

Strife

OR

0-22

Pita

W

0.15

0-35

98

M7

MB

99

0-46

1-12

lt»

1-10

142

101

148

M3

I£l2

2-31

2* ’

103

3-23

3-37

104

ClIlS 1025 Pits 2871

ifaf'ifilM WjCaP»34578 PMS338M

UFFE BDUWUK BPTMB
Miwrtaurturft

Strike ' Wb-attJawnB
Ate, Seo dee

119?

OK

**

0tc

Mm

9350

%

0.73

LQ2

081

aoz

9400

L90

0.50

§3

1%

083

0.07

0.04

086

$S

137

L27

0.14

039

0.17

044

9550

180

0.06

024

834

024

9600

8.78

«.«■

045

055

0.40

9650

059

0.01

0.08

0.79

038

9700

045

UFre B TOfiOW MM FOTMSS OPTWB
OH*N*«hifUf% _

m 2-54 0-30 1-30

EMiWd«R«HteM,CSfcU»AnO -
PmtadtfMpeetat CaHs819PWal380

UFFEIWUMOVT. MBBWFMg

MIMS UgaMwlMfcrfMP*

"sub CaUKtUfeMKi PMwattanrts

UFFC BOM FUTURES gpnOffiS
MiglUMUHttetlW* _

“Site bfe^ukoMB ftorsettkwew
%a Sen Dec Sep Ok

gUS LW 214 007 019

8700 J_24 L74 0.M 029

8730 WJ6 U8 02b 0.43

ng lS LK 0.45 0.61

8850 033 079 0.73 0*4

am o.i9 us

S® 8S 8S ti

LUTE SHORT STOOtfi 8PT1BC
gPQWC d 1«*

Strife COtHtutewa iw
price Sa 0 k x

8950 QJ7 L05 0.0

8973 055 082

WOO 03! Obi OB

9025 Oifl 042 Oi

4090 O.OB 027 0U

9075 0.03 Oib 0A

9100 Ml 0.08 0.7!

9125 0 0.04 0.V

tl ntvw Mai Calb
SV'SOptnlM.CAbS

S 12 Pm 2030
3 Putt 47182

LONDON OJFFQ

26-YHM wTsonMAL HLT™

£9MW Mi ri 1W% _

Ctat Hi# Lor ftn.
J» 97-21 47-52

Up 97-27 97-30 97420 97428

UnU latare 1308 B0766J
PrtriaK d itfi Open InL 61215 (600241

US TIQISURr SOROS 1% • • !

HUM 3tafc si 198%

■. One HU to* Prw.

Jn Ml-21 101-2 191-04 JM-10

Sip 100-17 100-ia 100-04 JOCK®

CHICAGO

ua TOBurr semsiere 8%

uwi Ri5 C5 i

3m 101-L8 101-2 101-06 10

■Sep 13K-1& IflO-ZD 100-03 10

Dk 99-11 94-16 WU 9

Mar 98-12 98-12 9608 9

Jta 97-14 97-M 97-12 9

Sep 96-18 96-18 Sb-15 9

Ore 95-25 9545 95-25 9

Counted nfuee toUL Caft
Pterion iifi «m tat. Calh

PMnetwmw*
Sep Dk

0.01 002
004 0 04

0.09 90S

017 0.14

0.32 <124

0.52 OJfl
0.15 0-55

0.99 0.76

1560 Alts 3440
549U Ptas 42666

Money Market
Trust Funds

CAF l/ume* MUROCment Ca Ltd
«^^TntrtteT«2JD .OjWnolM

SS^SSh»W--IW-M -I W54&IW.

The COIF Charities Depastt Arroont

2toSm.urt.sgSM .ongfug

Ce«L W Rii. trf Ctafrt of EnptaHW ie

isswraw"

Garfmare Mner HanttWfert LW
16-18 MnwoH-St. LonlM EC3fifl®l 071-2361425
TESSA Desk 071S35 4362

OUfwL.. .__ ?.» 7.47 lQ.2U{(H£tt

StoFW..;...!.'.. 9.94 7.49 1023 6-ttb

sSSAEml _ 10 07 7BS UL5*

i£ur,__. r __.... i7i Liu irals-au

TESSA Woe..9.00 - 9J113-WI

TESSA P1»V___176 - 90S yen

TESSAW.952 4 BJUlyMtt

I (0.001 166

,071-5881815
4 lQl7Tw»Ui

KntLW

8Q0 071-2361425
0712369362

7.47

7.49 1P.ZJ 6-fl*

m

- 4ji >*o

- 90 s yen
4 lealyntfe

Money Market
Bank Accounts

JAPANESE YEH (DM]

Y123nS per Y1M

UlCSt TOS Uw ^ Prw*
Sep 0.7875 0 7867 0.7852 0 7850

Dk 17877 0.7800 17850 0.7845

Mar ... 0.7852

J» ....

DEUTSCHE HASK ana
HU23JIM S ptr BB

6m Nee CAR U Cr

AID flirt Hfgfc Interest Chape Account . .
«W*«W.U*tateeOB8lSA (mns

8J6 6.271 8.6SI Otr

950

Allied Trust Bart LM
97-101 CanmSt, London EC4H SAD ,071-6260879

SSKISSft S ^ -S

ffiCA^ Soi rt!?:~~ ISO 6J8 B8« Mtt IHU

PnafTESSA-. .... 12.68 9 511 12.68 VBrtr Brtn

American Eons Bart Ltd

Susoittam.Bi
WmSkwx RH159A

BT6

ts ■«

B i SStSBTC

zl wBSbi

atari Ftenri
[IMRMIXjB-

JJI g; Starlhs Bank A Tiwt Ltd.
111 w «MN9GAMAbtoSt.h«fagRIU3(

Si M» HwuapaoosH-—-

8l SS

Ir^r.rrrif* 1

Dear Son. your gift of a Pelikan pen,

1$ perfect in all respects.

It makes me feel quite the richest of men,

(Please note how ioell it writes cheques!) JOTTER

QntflKU (nri m APT. OoctaR pries Am

FT FUEMI EXCHANGE KATES

“Flwtlig me. liaa Oflidri rattGMJXJ $65.00 Yen per 1.000; French Fr. per ll Lira per 1.000: Briria Fr. per UXfc Penu pir 100.

3-ntS. (Hath. 12-mth.
18381 18135 1.7738

AteiiOnniiy-

Allied TfBtSk-_

AIBBa*_

• HwiArtacte-, —
B&CMentaatBak...

Bankof Barada_

Baacn Bilbao Vizcaya.

BntofQuvs-

Bat of Mad-

Bat of MU_

Oak of Scotland-

Bmp Befell*_

BarcUpBak—.

BeocfertBast-

Brtt BkofUid East.-..

• Bfomi Shtpby-

CLButNedoiM—

OUkrtNA_

CftjIteriiatjBat—.
tydfldftBart-

Cortts&Co-

10 Credit Ijnrafr.—

10 CjprsItyidarBk—

10 __

10 EqHtorialBatffe—

105 Enter Ba* limited-...

10 rnitial&Gai.Buk...

10 • Robot Ftaiwi?.
10 Bototfiaer4Pttn._.

10 GMnk-....

10 « Games Mata-

10 HaH Bat A.G. Zend:..

10 fflifewsBirt-

10 HampbirtTtKtPk—

11 Heritable&Gto lor Btt.

10 •HfllSanei-

10 C. BoareACi

10 Bdifeoq&Sfefeaj..

10 Ma Hedge Bad—

20 0 LeopoldJitsq*4 Sob._

10 LkqdsBank-

10 McghrU Bask lid-

10

10 MOanUOaasbsM. 10 ,

10 UVasdBrt - -10

10 MortBatfe_ 10

10 HatWowmaer_ 10

10J northern Bart Ltd—. 10

10 Hjbedh Mortgage Bank 105
10 Pmrincial Buk PLC — 14

IOJ •SeaBratfan-10

10 RodsigfeBirtLli.... 11

20 HapIBWSCOM-.. 20

10 0 Smith&WH1esn Sets. u 10

10 Standard Chartered— 10

135 TSB-.... 10

10 Uribukpic—.. 10

10 0 United BksfM..... 10

10 Unity Trua Bat Pic-.. 10

10 WesteraTrast_ 10

10 WdtBvaLdtoi — 10

10 YatiA* _ 10

10 • Memhn of Brittt Ikrtant
10 Banking & Searitles Hows

No.7,877 Set by HIGHLANDER

MONEY MARKETS

Bullish undertone

THE BULLISH undertone to
trading in the sterling cash
market continued yesterday,
even though the Bank of
England forecast a large short¬
age which dealers took most of
the day to remove.

Period rates were a touch
softer at the close of trading,
perhaps because the market
was still swayed by the Chan¬
cellor of the Exchequer’s com¬
ments the previous day. Mr
Norman Lamont had suggested
that sterling could enter the
narrow bands of the European
Monetary System, with the
implication that a stronger cur¬
rency would make a base rate
cut more likely.

One trader felt that the

UK dea r tBB hank tasa tending rata
19 nir cert

(nun Hay 5,1992

expectation of a base rate cut
may also have been
strengthened by stock market
difficulties in Japan, where the
Nikkei average ended down
40024 points at a 68-month low.
The possibility of a drop in
world stock markets
encouraged some traders to
think that central banks could
ease interest rates to reverse
the trend.

Whatever the reason, the
markets had a bullish
undertone. 1 month money in

FT LONDON INTERBANK FIXING

OLM i-m. Jure 181 3 awM 05 <UI»

6 art OS da (bn

the sterling interbank market
ended the day at per cent
ftom a previous close of 1 Q£
per cent. 3 month money
closed at 9ft per cent from a
previous close of 10 per cent

In the futures market,
however, the September short
sterling contract closed down
two ticks at 90.24, while
December was down one tick
at 90.54.

This was a less bearish
performance than it might
have been, considering that the
market took the entire day to
remove a shortage forecast at
£1.2bn In the morning. Traders
appeared to be unwilling to
offer bills, perhaps holding
their Ore before the even larger
shortage expected today. The
overnight rate spent much of
the day around 12 ft per cent

Again, the Bank dealt at the
established rates of 9ft per
cent for Bands 1 and 2, 9& per
cent for Band 3,9g per cent for
Band 4 and 9ff per cent for the
repurchase agreements (repos).

In early operations, the Bank
purchased £7m of Band 3 hank
bills and £S0m for resale to the
market in equal amounts on 8
and 9 July. The Bank then
purchased £68tn in Band 1,
£15m in Band 3, £7m in Band 4
and £30m in repos.

In the afternoon, the Bank
purchased £692m in Band l,
£5m In Band 2 , £56m in Band 3.
£5m in Band 4, and £20m in
repos.

Tfe fWag mam ite atdmtk waits nwW talk* nanrimt^lAmtb, tithe M ai oftatA rata farUOm
gated to Ur h»*M 67 flie reftwsus fcwta at 1180 a.m. bk 6 mkHn itj. The banks ait Nation) WEdaitasur
Bait, Brtt of Tokjv, Mfe Brtt, Basque HxUooal tft Paris tad Mvgn Goratbr fret

MONEY RATES

NEW YORK

Lunchtime ftumodi—

TMBMLk_

Prlmrritf- 6b Tfcwiwrili-.

Brafco low rale_ 6 SUnemb_

FaUtUS—-- 3U OoeTw_

Fcd-EadsathamriJOL.. - Iteriw _._...

AwiWfeL...

Part--

Znrteb____

AflBterdsn.-

Tokyo_

Treasury Bills and Bonds

_ - urctw-

...- - Fhcmr-

_ 388 SIWJMC-.—

- 381 UHwr-

- 4 05 30j«r--—

_ 4.89 ___

Bm*fc.. Z

DoMlB___

Oat

Kanili

Tw

Heart

That

Uonrt

SB

Mantis

9604.70

m

9.6MJ5

ia-uMt

985-9.75

10-101,

044*1

9AM.75

9B-10

ss.

.w*

93-104

I4-I4I

«&

98-104

LobOH

MencKlga

LONDON MONEY RATES

Starling CDs.

Local AuUnrltr Oeps..
Local Authority Bonds..

DbcMMMktDeps.

Comeaay Deposits
Fhunce Hoik Demslta
Treasurr BIfts(Btrri,„,,

OvemlgM

7«ter»
not let

One,

Month

Timr

Months

Sft

Months

121*

101.

104

10

XO

m

10

9rf

9%

10H

10>1

iff

9U

9H

iiij

10if

—

—

—

— .

10

10A

10 .

n*

Fine Trade BlleCBuyl -

Dollar CDs._

SDR Unfed Dtp. Offer.
SOBUaked Oed- Bid ...
ECU Linked Dflr.Offer.
ECULlnfcedDep BM...

& -a

103 10 J

29,1992-A*w«r«es for period itirteJ^ 1992 to 1992. Scfeme ljIi34B.c.,

Sehmes II &Tll; 1135 p.c Rrintnce rate for period May 1,1992 to Mw 29, MW, Sdjgw
jViV: 10.122 ox. Local Atrihorife and Finance Hama sewn HayT notlct
TlMd.-Flnaiies Nous Bah Rstalffif from June 1,1992; Bart OqWrtt IWfeftfwoa at sow
days notice 4 per cent. Certificates of tax Deposit (Serte C0t Deposit £100000 m jwrWt
wider one montli 7 per cent; ooe-three moodis 9^ per cert; tfe s -slx nwnihjVper |«LslMWe

MEMBER S F A

FT-SE 100
Where next?

Call for our current views

CA1. Futures Ijd
162 Queen

Vicroria Street

1 joadan EC4 V 4BS
Tel: 071-329 3030
B)x: 071-129 3QIB

nwra/H 9 ptr cert; nfee-twriw nwntfts^9 pe 1 cent;
Deposits wUMHvn fw cash 5 per eenL

fAX I RJ.I SPi-C n AIlON
IX FI II RF.S

Tooboln juw bee tiukk- hi tww j»«r Rrunthl ButAnsdicr on hrip

jwo.«aa Mtdud Murrey or baJcniriiB an 07l«287i33 Or write

id wr 1C kxtnc Pie. WI Utmcoar (kmkiB. LanJun SWWOBU

1

.SATyi.’OTF

REAL-TIME EUROPEAN ANDU-S. STOCK MARKET DATA AND
ANALYSIS AT REALISTIC PRICES
* ALSO FUTURES * OPTIONS * BONDS * FX AND NEWS *
CALL*LONDON 71-329-3377 - FRANKFURT

Currency Fax - FREE 2 week trial

Civ Anne Whitby
Tel-C7't-734 7;74 .
Fes 37M39 49£6

•a 3a. ’.Vn-tre-

•C' CrOf! A'Jlji'S Lid
’ £-w:i:r; Si-«i. Lcoccn WlR 'HD. UK -
n.j-.ge -ole scccui.sls to- OvC-r is

WORLD STOCKMARKETS.

WHERE NEXT?

Iv.vmi iiavk a Vikw, takk a Pi>siti<w
Conrutz AMun Mrw ft 971-245 1010
Pi«. WClerit'iP i mt. SVH19II.
SftUMW Tw VlinilO Ittft

A

y

FUTURES*

TRADERS

loeuampuixa

ctNvznmtuimcc

BERKELEY FUTURES LTD.

IS PARK ROAD,
LONDON-NWl 6XN
OH TEL: C. OE RO£P£R
CM 071*224 0489

ACROSS

l Making a formal request Is
hard work (IV

7 Sweep backed tipped horse (3)

B Neglect to include right ten¬
der (5)

10 Chance it perhaps and put
learner in this type of college
(9)

it Studies'guide to visual prob¬
lem (9)

12 The old bare a way with fer¬
menting agent (5)

IS Brilliant stroke allowed for
two lines (7)

15 School is is Paris and work¬
ing (4)

18 One offer quoted earlier (4)

20 Current musical, I heard. U
on the road - very il hwnna .
ting (4-3)

23 The pub in front of The
Queen, dose to The Bull (5)

24 Our being upset about hard
one next door (9)

26 He has hit on it and lives with
liver problem (9)

27 By the way, the beer is Oat (5)

28 Sport not left to fork out (3)

29 Madden people with time con¬
fusion ( 11 )

DOWN

1 All fresh cod, all tailed in the
open air (8)

2 Not allowed to follow develop¬
ment stage, so gradually dis¬
continue (5,3)

3 Opening a chain letter
requires it (6)

4 Pull towards stretch of land

(7) '

5 Aromatic substance burnt in
Same without a break (7)

6 Nurse set about kid’s mother
(5.4)

7 Originally a divine drink* but
■new crate is poor (6)

8 Close friend fed later, show¬
ing taste (6)

14 A bride let off and set free (9)
to Fix the medal an deck (g) i
17 River on Tiree is off Ddfi&m
again according to compass

( 8 )

19 Presenter feUow has a high
place (7)

20 Red bps are pari of the trick
(ft

21 Church dignitary an board (G)

22 Irritable but smart sleeper is
about to sleep ( 6}

26 Hope always spore the eariy
starters to rash (?).

Solution to Puzzle No. 7 , 87 &

□nHHoaaa qqbdqq
g □ a a a n ra
anasEQaa qeeudb

QQBQQBfjn

aaaaaBuaE □qudq
Q D □ Ei D □ L3
aauu GfaoBHcin

uj IlJ DJ n in o

aaanoQd sdee

Q Q III El □ r e

n a n D 3 gaaHC3DL ! 'ai3
tl u □ n ra ri ni n

n a n B H B GHQnOGOa
Li u o l=i n pi n
OBaaBB nronmnninn

2J210- -25
<»,MO. -10

PtwwtioAFV

-K ; r Amef —__;_73.60 •

iS. . Co tor_54.10 •_

* ‘&H 0 R....v. 1640 -0.50

0 kiWinmH IFih 111

67.20 - -330
44 JO -2_50
41 JO" -240

^w^UnKaMrCF«..>..10jq -«JJ0

SUM Stook Mgh UtwCfaae Cfng

TORONTO

AW pm prtess June Tfl

QwWtoM Ifl COW Wdeea meriuw I

1300 Abttbl Pi (15% 19% 15% -%

3000 AflntcoEa JS% 6% 5% +1*

37000 Alf C<U MS 0470 4H 430

SOOO Albrta Eq Slab 12b 12%

MOOD AIBNtGna 019b Mb Mb

174300 Alcan A) 323b 35b 25b

264500 Am Barr (32% 33b S2b +b

15000 Mad in 011 10b 10b

HI* iMCfeMCfaiB Sab. Stock

110100 Bk Momr-I
33O0» ftHMSe
27400 BCOugwA

62M0 BCE loos

40000 Bahnanxt
2000 BOR A
36500 BMto'dtorB
15100 BM VM*t
10000 BP Canada
170800 Braroatoa
6800 Btmchi A
82400 Breakwater
96400 BC Tol
33400 Btuneor .
1700 Brunswick

35000 CAE tad c
26700 Cambtor
1600 Cambridge
1000 Cameco
29700 CMO RM
482200 CanimpBh
1300 Can Ocdd
346300 Can Pac
1100 Can Tin
CanTka A
57200 Can UOI A
300 Can Utt B
87000 Cananm
33800 Cantor x
28000 CnPcFanat
26600 Cars Op 4

1900 Cawade.

6300 (Mum*
2200 CnW Can
3600 ttwpxM"
6000 Ontri Fd A
SHUO Comlnco x
3000 Coputatog

S46b 44b 46b

S21V zib 21b
M Bb B
(44 43b 44

13 12 13

Mb 6b Bb
S13b 13b 13b
511b 11 11

M2 iib nb

1IB 100 108

116b Mb 16b

51 45 46

ns diab »b
nab ieb isb

(Bb s s
SSb d3b 5b

sab 8b ab

SMb Mb Mb
Slab Mb Mb
60 68 53

626b 28b 26b
S»b 26b 28b
(Mb IBb Mb
SMb Mb IBb
SM 17b M
SMb Mb tab
520b 20b 20b
28 424 28

*20% »b »b

*27% 27 27%

420 4415 420
Bb Bb Sb
S40<flBb 30b
15 416 18

335 330 335

1)470 470 470

521% 21 21

60 50 60

117900 Com 8y> SMb Mb 19%

2300 CeaeanOav Bb 48 6

1300 QrownX A 125 123 125 -C

3000 Dantoon A 34 34 34

2600 Darien £6% 5% 9%

134900 Dotaco (13b 13b B% 4%

10700 Domton Ta (8 (Bb 6 b -%

9100 Donaar Im (7 8% B% -b

300 Du Pont A *43b 45b «3b
MOO OuKtaaOncA 270 270 270 -5

91300 Edn Bed 97b 7b 7% 4%
10300 Emco Lid (0% 9b 8%

2700 Empire 510% 410 10%

3300 Euro Nav SMb 18% Mb -b

2100 PPt LM 350 4340 060 +K)

27300 FatmWKVw Bb d7% 7% -%

2500 Finning Si9b 13% 13%

000 FUIM A Bb 9% Bb -b

1B0O Fortfci 531% 21b 31% -%

07100 Four Soon S20% 20% 20% -%

15400 FrancuNev 127% 27 Z7b +%

23000 OatacOo 14% 14% 14% 42%

200 0*0*1 Ax 517 17 18V

14600 Gland. GM 360 380 360 ■»

14000 Orange. US 123 123

7600 0m UMB. (14% 14% 14% 4-b

108700 QuH Cdt H 56% 8b 0% +%

zoo ow uai. 66 8 a

17WJ Hanoi A. Mb Bb Bb

300 NnUr Sd x 123% 23% 23%

89790 Haas (ml Its a% 12% -%

404000 HMa (fan I SB% 9% Bb ~%

1200 HoMager 511% 11 n -%

7B00 Homo Oil (Mb 18% Mb

68400 Horeham nb 8% •% +%

100 HwtMoHtS (6b 8b Bb

500 Hudumfiay 520 25b 26b -b

16100 Imaaco (35% 35% 3S% -%

89600 imp OH (46% 45% 48% +%

B37O0 Inca 530 38b Kb

23500 tot Corona 55% 5b 5% +%

11500 ImxvPtou 528 29 25 -b

64100 tovaat dip 522% 422 71 -%

1100 IvMO A 4(8 469 465 420

200 Jeimoek (14% U% 14%

400 KenAddb $15% 15% 15%

208600 LataH 528% 26% 26%

67600 LBC MM* 56% 5% 5% +%

600 Lafarga 518% 16% 16%

8100 LaMtow A 512% 12 12%

TSTWn Lafcfaw 8 «2b H >2%

300 Lxmni Bk 517b 17b Mb

400 Lam Op 16% 45% 9%
iSSoo Uwltari M •% B%
48200 Lobhnr x SIS 17% 18

MaH Uwdoaa Ckng
24600 RyfTnateo M\ Bb 0% +%

MMacUnds
I bacm Bl
I Magna iua
IMpiURU
i Marann
I Mark Bn
i nos m b
F MataDMto
I Minnows
I MW Carp
I Uotoon A
I Mom Cup
I Mumcho

I NdfikCm
l Mom. lad A
I WrandaFor
I NDnutoa
\ NorcnB .12
I HorcnMVtg
I NUi Tala
i Nonhgaa.
i Nova Carp
I Ftooco WSw
I Numae CM

I Ocelot A
i One. Coip
\ Osfctwa A
pwa core
Pagown Ax
i kitoPn

\ PncpPatx
Pom. Core
Powar Bn

14400 Rang* Ctt
4200 Rayrock
1000 Raad Stan
MOO Rattman 5
103600 Raa'arenca
46600 Rapap Ent
3400 Rkl Algom
201200 ffegwiCguB
1400 Rothmans
382000 RofaBkCm
3Booo nyi om ib

19 6% S%
(18b 17% 17%
(32% 31% 32%
SlSbdMb 19%
SIS 416% IB
n% 5 5%
(Mb 4M% 16b
(U% U% 12%
IM 616 16

M2 177 160

$53% 33b 33%
123b 22b 23%
9 6 9

SB 8% 9%
Kb 6% 8b
K 7% 7b
*18% 18% Mb
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tab 20 % 20 %

542 % 041% 41%
re 75 77

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485 460 485

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11300 scamraR*
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164300 smpmtCo
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3287.76 3329.49 3354.90 3954 J6

22Hm Beds

9949 10048 99.94

99.89

Traeport

131825 134868 134340

134673

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22L45

224.72

22862

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379.74

38672

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NASDAQ Cotopadte

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51848

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02/2/93 O1/10/73

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901.640/22

47553 B/U
1749.91 Q/l)

1578.73 m

0013(0/11

14695707/11 13OA10/4)

m

V«r ago (approx.)

If-iL\■ 1

NEW YORK ACTIVE STOCKS

Stock. CkMtag Change
traded price on day

Wadnmday

TcMmk
C oca Cota
Philips
OUcarp

4,784,900 4S% - 2%

4306J00 39% ■ 1%

3.90M00 16% ■ 5

3.449,600 20% * %

PM Up Monti 2,781.000 71

Mm*

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SfllTST

GttMoun

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4676,600 47%
2^04^00 Mb
2J5M00 42%
2366.400 41%
2328,700 16

TRADING ACTIVITY

f Volume MM km*

dun 17 Jim 10 Jun 16

few York SE 2Z7J60 178J60 159.060

Amo 13.472 10A37 10.406

MSDAQ _ 190567 163179 132356

MYSE

tone Traded 2^57 2,249 2344

Mrs 380 756 746

Falls 1.423 955 913

IhKhuqtd 454 538 BBS

HnrHIfllE 25 40 32

KnltoB 84 42 42

CANADA

TORONTO Jun Jun dun Jun 1992 _

_ 17 10 15 12 _ HIGH LOW

Metals b inaerek 3125.80 316844 3174.53 3196.97 323847 06/1) 262646 06/4)

Oonpedto 3368J9 340727 3409.77 340840 366640U6/U 331600(8/4)

MONTREAL PortfWo 1770J2 179742 1799.90 1796.92 193749 QWl) 1727.04(8/4)

NYSE All Conunon-50; Sumdard and Poor's-10; and

. w

IBS

MALAYSIA

K15E Ccnpcdtt W/4/86)
mmuSt

C8SHURiA*JEidl«I»
CBS All Sto CEto 1965

HOnwiv

ottszmanm

PHOJPPINEU

MtolUCnp (2/1/69

5ESM|-anWx*«l2W73

SOUTH AFRICA

JSE Gold (28/9/78)

4SE lakBtrld 09/9/78)

SOOTH KOREA**

tore* Cum Ei MttfflB

Affwwldai Bet 0/2/37)

aWtTZERLAWJ

Ml Bo* ML 131/12/58)
SKbmiHUVm
TAIWAN**
(MMiM ftiBflWftM

Bxaggk SET 00/4/79

619.0600/2)

4687906 (0
92540111%)

1604556 00/6)
119619(9/41
191056(9/0

27440 DVD
192.40 Q/n

71344 724iZ 73243 73540 I 7727400/5) | 60401250

1499J8 153642 1578.48 1575J6 1 1580.95 tUA)

407.00 410.44 41049 409J3
11324| U524 11484 11474

56)45 57672 579.95 57941

24651 M&2B 24878 24640

928.90 943JO 950J 9481

0597 0637 0664 8Ul0
6527 6557 6508 65U

462870 4663.90 46377S 4672.49

755.73 75679 74974 74347

803.40 01/9
6083001/9

97855 05/9

10064004/0

jjjMDMl

74058 00)

60170 as

42681701^

6634409/9

467400/0

870L3K2/U

H.K.S + ar -

TOKYO - Most Active Stocks

Thursday 18 th June 1902_

Stocks Closing Changa Stock. Ctotlng Change

Traded Pricee on etoy Traded Prtcaa on day

Uaqi ua Prod74m 900 -FIB SunknowMetal. 3.7m 2*5 -3

Nomura See_ A4ra 1490 -TO Otokyo Kanka80re 751 -IB

Mariano* Ullk_ 4.401 075 *0 Toyota Motor- SLftn 1,440 -50

Nippon Steal_ XBm 300 4 NEE Core ——— 24m 009 -23

Chlyoda Carp_ arm 1,790 -20 MHautjiahi Hvy _.. 24m 540 -0

SINGAPORE

Price data xuppHetf by Tetoturs.

FINANCIAL TIMES FRIDAY JUNE 19 1992

*.

3:75- pm prices June 78

NEW YORK STOCK EXCHANGE COMPOSITE PRICES

Cfi’Bl

tm wn» on* nw.

HMiLbw fltodk nr. % ElOOa IM UwqortaCtote

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68% 30% BP ADR
81% 27% BP Prodboe £48 a* 9 214
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104% T8% CNA Plrd 6 8 8 9

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67% 04% CSX IS 22 931082 02% 00% 00%

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66% 42%CkWstrrxi 22 284 48% 40 48%

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182020 3*5 30%' 53% -%
” «40f 435.425.42% .

030 1918 918 24% 24% »% , 44
190 07-12 n 325 325 325 +%
030 44 0 IS B% 3% 0% -%

1.«M1S># 32. 10%.K- -10

Oils 4» a 27 8%. 35 3% -%

. n 80 9% 0% 8-5

11% Udawattr 067 04 31 72Q 16% 13% 155 ~5

31% many x 090 0916 380 31%d31% 31% -5

4651MMU3I 4S0 89 600 «% 40% 48% +%

88% UmaWnar ISO 09 122048 100% 106 % 1M% +1%

47% TVwMfUx 3S7 7.0 mo 63% 52% 62% -5

MHTbnaaWfT 196 3240 446 345 345 34%

23% Timken ISO 3S 24 284 28% 27% 20% ~5

2% THanCrp 13 220 3 % 2% 35 +%

. TO Titan Pf ISO BS X100 10% 10% 10% -5

4% Todd Shp 2 IS 65 6% 6% -%

75 TaUatag Co 0S6 79 1 40 7% 75 75

275TotadE2S1 261 10.0 13 » 27% 20

a5 Toil Him 33 241 6% 005 65 -%

605 TooWs R1 x 030 06 23 23 63% 63 83 -5

MTOrChmartc iso 2S1318»uB3% 62% 63% +%

13 % Tara Corp 0.48 39 16 70 13% dtt% t3% ~5

23% TncoCwpx 060 2B151252 23% <123 235 -%

25% TottlSyst x 090 1.125 54 aS5d24% 245 -%,
30% Toy* R US 288072 33% 32% 33% +%

>5 Tnmaul Cr 029 749 I 24 2 1% 2

. 1 TWA 225 295180.0 E« 1% 1% IL -I 4

34% TTanaafitiac 201 89 11 8 24% 24% 24% -5

37% Tnuaiw 200 4S 28 308 42 415 41% -5

29% TranaaOan 094 OS B 288 29% d29% 29% -5

8% Trenaco En OOO 4S 1 34Q 135 13% 13 % +%

% TTanaoo Ex IMS A % ^

6% Trenaent R 0 M 5% 55 65

65 Tranattch M2 38 0% 85 85

18% Tnwatas 1.80 OS 7 610 205 20% 205

85 Tredegar x 09* 1.4 20 283 ie% 185 M% +5

335 THCanfiS x 2S0 79 S 34% 84% 345 +5

38% Tribune 090 29 21 630 38% dW 39 -%

25% TriCoM« £68 9.8 156 27% 26% 26%

25% Trinity OSO 25 30 373 31% 31% 31%

18% Trinova 088 3.1 31188 23% 21% 21% ->%

20% Triton En 0.10 03 20 608 29% 26% 28% -5

45 Tueson B 0 77 S% 5% 9 % -5

8% Tuitax Cip 020 24 30 (1 0% 8% 85 +5

BTiafcfah In 031 BO zlOO 6% 85 8%

17% T51h Cent 092 2S10 53 21% 21% 21%

175TVrinDlM 070 3S74 2 M% 185 18% +%

33% Tyco Labor OSO 1.1 12 504 33% d32% 32% -%

M5 Two Toil x 008 03 142780 17% 16% 10% +%

2 % Tyler 25 118 45 45 4% -%

11% Tyiar Cb x 190108 3287 11% 11% 11% +%

235 d23 235 -%
255 <04% 245 -%
33% 32% 33 % +%

2 1 % 2
15 15 15 -5

24% 24% 24% -%

42 41% 41% -5

29% CE»% 20% -%

S 85 85
30% 205

.ft ift

285 +%

12 ? -j;

- u -

MP 1121ML Carp 10 040 110% 1105 1105

12% 7% UOC Jn ISO239 5 7 7% 7% 7%

20% MUJBFln 060 3928 821 185 17% 18%

115 75URS- 18 0 75 d7% 75

40% 29% USFAO 4.1 4.10 9.1 11 40 44% 45

2 1USG Corp 0 74 1% dl t

33% 25% UST too 080 3S 212842 27% 26% 27 4-1%

505 47% USX CiwM 4J8 BS 0 405 40% 48%

10% M5 UOJ Carp 1S0BS22 281 19% 19% 19% -%
3% 15 Utanaw 0 84 1 % dl5 1%

8 65 UNC Inc « 81 85 3% 05 +%

42% 32 Until Inc QSO IS 251094 38% 36% 30% -5

28 21 UnMrat X 012 08 17X100 21% 215 21% -%

B9% 64% Unttevw 040 OS TO 1XuB9% 08% «% -%

1125 97 Unit NV 2S2 2.7 I517B5105% 104% HM% -%

S 46% UMon Camp (SO 24 201081 40% 45% 46% -%

20% UDkn Carta ISO 07 434030 27% 285 27% -%

aa% W% Union Carp • • 17 SB 205 18% 10% +5

lie 835 Una P( . OSO 04 2 BS 96 96 +5

48 435 Una 390 890 74 4 47% 40% 47% +1%

005 96 llna 490 490 79 2 67 67 57

38% 31% Itaxi EMC X 224 04 11 336 35% 35 395-5

66% 44% Union Pan x ISO £7082109 60% 40% 48% -%
205 T35 UntonPlant 080 34 10 187 17% 17% 17% -%

20% 185. UnianTaxaa 090 19 8 588 16% die 5 16% -5

42% 32 Until Inc

26 21 UnMrat a
BB% 64% Unttevw
1125 971MINV

- w -

23% 135 HMS taW 201010 165 14% 15% +%

34% 28% VWH. Hoidin 1,86 56 13 ill 33% 33% 33% -%

285 16% Waban Ine 182033 205 20 20% -%

M 665 Wachovia 2 S 0 3S 20 MB 61 6 Q% 60% -%

315 28% WackOflhta DM 2.1 M 17 28% 28% 28% -5

8 % 3% Wobraco 2 110 35 3% 3%

30% 30% WoHreen 002 1.6 MUM 31% 30% 31%

Z7% 22 % WMaceCS 094 24 13 36 23% 22 % 22 % -%

89% 60% WnlMan 021 £4 366611 54 % 63% 64%

6 % 6 Warner Ins 17 10 6 % 8 % 6 %

79% 08% wanMdamb 2JM £4 402636 60% 69% 09% -%

35% 31 % Waahpt Q4L 2.14 U 13 73 35 34% 34%

20% 16% WashgtHaf 1.06 50 M 125 195 19% 18%

I 2461825 WaahgtPata 490 1921 76 220 217 217 +1

46% 35% MuWtatac x 052 1.4 284861 36% 35% 36% +%

I 12 % 9% WMUnaJn 046 48 3 180 10 % 10 10 -%

6 % 4% nwMi 0.12 2.8 70 1fi5 4% «% 4% -5

B% 2 Wean Inc 10 3 2% 2% 2 % -%

23% 165 Webb (Del] OSO 19 IS 86 M% 16% 16%

35% 28% VMMoartM 1.98 &S29 161 33% 82% 33 +%

6% 3% Welfton Si 0.64 10.7 2 125 6 5% B

27% M Weis Minx 0.68 2.7 14 33 25 24% 24%

81% 21% WaBman id 0915 363 22% 21% 21% -%

86% 06% WMsFarao ZOO Z3HE2B03 72% 09% 7? +>%

13% 8% Wendya Ini £24 29 201838 10% 105 10% +%

21% 10% West Co a40 IS 35 12 20% 20% 20% +5

42% 26% WMUPtP 111 32 37 % 36% 38% -1%

10% 18% Weeks* E 097 5S 12 36 13% d13% 13%

3% 2% Woatn NAm 8 634 3% 3% 3% +%

8% 2%WHDHl 1 003 4% 4% 4% -%

22 M% WeasiQas 020 1921 370 205 &>% 20%

16% 13% Westn ling 092 3.4 11 103 15% 15% 16% -%

2B% 23% Wata Ras 436 26% 26% 26%

21% 16% WesdngH-1 £72 4.1 33264 17% 17% 17 % -%

18% IIMnn Waste SO M 11% 11% 11% -%

17% 12% Westpec x 1.7514.1 7 33 12% 612% 12%

41% 33% IftStWKO f.ld 3.0 M 190 36% 36% 39% +%

87% 26% WeyertlaeiM ISO £7 883148 33% 82% 32% -%

86% aSWhMitaVx £04 £1 17 404 27% 26% 27% 4%

40% 34% Whirlpool MO £1 132101 35% 34% 36% +5

13% 10% WMtahaH 3 80 11% 11% 11 % -%

10% 12% Whitman x £26 £0 15 830 13d12% 12 % -%

14% »% WMOaxer 8 77 12% 12% 125 -%

26% 22% Wteer Inc ISO 82 18 20 23% 23% 23% +%

10% 7% WlffooxdQ £» IS 40 112 8 % 95 85

40% awiiltam 192 SA 121110 29% <07% 28% -%

9% 0% WllsMra 83 10 7% 75 7%

0% 4% IMndmere 11 80 4% 4% 4% 4-%

44% 33% WlrtoOixie x ISO 2S 17 310 42 % 42 42% -%

8% 3% Winnebago 12 602 5% 4% 4 % -5

40% 35% WtecEnargy 1S6 69 13 109 38% 39 39% -%

20% 2B% WiecPutlSv 1.70 09 12 2801126% 20% 28% +%

49% 40VVRCO Core x 1S4 4.1 13 281 46% 46% 46% -%

14 8% Wolverine £16 1.7 27 28 8% dB% 95
32% 28 Woolworlh 1.12 4J 692379 26% 26% 26% +%

M% 12% WorM Wide 094 BM 40 M M 14 -%
12% 7WorMcorp 18 738 7% dS% 0% -%

M% 68% Wrigtay 1.00 1.4 20 142 M% 88% 08% -%
18% 12% Wyta Labor 050 19 IS a 10% M% 14% -%

22% 16% Wynna hit £60 £7 7 47u22% 21% 22% +%

UtiB 4S0 4S0 79 2 67 67 57

(taxi EUCX 294 0411 338 35% 35 35% -%

Ihta Pao x ISO £7082199 00% 40% 48% -%

UnlonPtant' OSO 3w4 10 187 17% 17% 17% -%

UnianTaxaa £20 IS 0 SOB 10% diO% 10% -5

Unfed Rn 0 76 15 1% 1% 4%

2% 1 Unled Rn 0 76 1% 1% 1% +%

11% 4% Unlays Crp 1.0011.4 M161 8% 0% 6% +5

092109171 UO 0% 05 8\ +% 10% 8%

ISO £3124840 37 36 30% -1% 8 i

1.19909 10 2% 2% 2% 18% 11%- — .. ....

M8 1% ... 1 1 -% 13% 7%USFAQ OSO IS 72420 12% 12%

ISO. 2918 383 30% 30% 38% -% 1% «U8 Hacne 56 284 1% -1

£34. £0801290 11% - 1J 11% -H% H>5 42%.. ..

£72 39 4 441 24% dZ3% 24 175 11%

£20 £524 208 54% 04 64% -f% 134$ 86%

£03 OS 128 . 14 13% W +% 36% 32%

£34 £0 381290 11%. 9% 11% -H%
£72 39 4 441 34% d23% 24

£20 £624 208 54% 04 64% +%

£03 OS 128 . 14 13% M +%

220673 22% 21% -22% . +%
W-2M 4% U0% 6% -%

£48 Z1 19 612 <X23% 22% 22% -5

1.04 £0 lema m% dra% 84% -%

094 09 271463 40% 48% 40% -%

14 70'7% 7% 7% •

2% 1% Unk Corp 24 77 2 2 2 —%j

32% 22UldAaaH - £04 2916 4W 22% 22% 22% 4%

23 195 UfdDomHty 1.28 £1 03 308 21% 20% 21

10% 6% UtdOomtad OSO £312 0 9 dB% 0% -%

S3 80% tMHRhcra 312156 82% 78% 80% -%

38% 3*% UWfltumnr * * £56' T.0 13 19 36% 365 38%

11% BUtdlndust ' £04 M12 6 10 10 10

24% 20% UWmvMgmt OSO IS 12 41 22% 22% 22%

10% 8% UUKpdmFnd £08 69 113 10% 0% 10

y AUMParitCM M 50 % % %

10% UVUSAir £12 to 22670 11%dI1% 11% +%

13% 7%USFAQ OSO IS 72420 12% 12% 12%

1% HUS Horae 56 284 1% 1 1 % 4%

C»5 42% U3UFE (tap 148 £4 » 132 48% 46% 48% -%

82% M% Xerox
B3% 605 Xaraa4.125
28% 24%Xbe 194
37 265 Xtrs Core
27 25% Taokaa Egy
15 % Zapata

11% 8%2anBhElac
10% M% Zanflh Nat
7% BZenU lac x
13% II Zara Corp

36 28%2wn Indx
14% 12Zweig Fund
-.11 9%Z^rctlx.

X-Y-Z-

£00 44 163805 69% 80%
Z100 52% 62%
194 7.1 7 27% 27%

OSO 23 12 72 36 34%

196 6911 M 26% 26

40 820 1 a

3 282 7% 7

1.00 0S 6 64 17% 17%
092119 64 6% 6%

£40 £7 17 273 11% 610%
£08 £1 31 131 28% d28
1.10 BS 258 12% 12%
ISOIOS 838 9% 9%

M% -%
53
27%

34% -1%
26% +%
II -A

7%

17%

8%

W% -%
20% 4%
12%

8%

Price data supplied by TaMnra.

; £ 0% 3% 7C8T Enter £20 £0 M 610

»* S . T .J rt h W% 27%

TCP Ftnanc QSO £1 13 342 23% 23% 23%.
TOTCor* S QS4 £3 . 08 9 0% 8

11% 41% E05 42% USUFECip 198 £4 » 132 48% 46% 46%

. 24 175 11% UldStSboex 002 4J 181174 13% «% 12%

64% 4% 134$ 085 US Surgcl £30 £3 941407100% dKS 85%
M +% 38% 32% U8 We»* £12 89 231347 35% 31% 38%

22% .+% 67 «% UMTedms ISO £5 82205 61% 90% 61

8% -% 18% ISUtdWattr 092 £013- 41 - 14 13% 14

22% -% 0% 5% Unttonde- 8 33 7% 7% 7%

64% -% 38% 27 Unix Poods £04 £1 12 268 27% d26% 26%

40% -% 10 MUMvHnx 1.B4 £311 31 17% 17% 17%

7% - 3% 2%UnWUedL Itt 16 2% d2% 2%

12% W% Untvar Crp OSO £6 40 T9 11% 11% 11%

33% 22% Unhrsi Crp QSO £211 284 26% 24% . 25%

10% 3% Uttvsl MbQ 197 67 M 0% 0%

- - , 20% 20% Unocal Op £70 £7078886 25% 26% 25%

* 40% 32UNUM Corp £68 1.7 IT 620 38% 38% 38%

235. -% 46% sauetam ISO 4310WOE 31% d3*l% 315

* 20% l7%tiaUCO 1.00 59 M 11 17% 17% 17%

B<% >0% 9% USUFE ino £82 83 0 26 9% 8% 9%

7% 2«% 10% USX MOW* ISO BS 250168 22% 22% 225

28% 23% USX US 8H 190 £7 3 617 27 26% 38%

26% -A

61 -5

14 +%|

28% 22% USX US M 190 £7 3 617 27 2M

26% 22% UUCP 1.776 ISO 7 J 7l 23% 22^

■ 29 22% UdUoarp ISO 79 111318 23% 22^

23% 4%

23 I

- < «t J* 30% 21%Tehran Fd- M 215 * 01 % 21% -Ji

. a - A4% 2% TStlBytnd .£42149 0 25 3 2% 2% -Jl

7% STnDey Pt 1901£7. *100 5% 5% 6 +1,

Yearly high* and Iowa redact Om period from Jan 1.
axriu<ano the latest trading day. Where a spill or stock
(Mdend a mounti n g 10 25 porcant or mam hats bean paid, me
yaarie hlgthoniy range and dvidond are shown lor the now
slots* only. Unteen otherwbw noted, rates ot dMdend ere
enmiel dsburaementt based an ate leieet deetamUan. Sates
flguraa are unodldtd.

•dMdend atao xtrafst-i+annuai ratt al rflvtdend plua auck
mvidand. odquidadng dMdand. ckKalladL d-new yearly tow.
e-dlvidend declared or paid In preceding 12 moMha. gdhri-
dood in Canadian herds, subject to 15% nonresidence tat
bdMdend declared attar apDHqi or stock (RvUentf. fdMdond
poW (No year, omitted, dota r rad. or no aedan taken at teteot
dMdand meeting. k-<Svklend declared or paid Ho year, an
acosnuiatfva faaua won dMdsndi fc> arrears, iwntw issue in
Big peat 52 waa ln The IrigMow range bsgtna wtttithaatariol
trading, ndmaxt day doflvary. PTE nrice-eernings redo. rdWI-
dand de clare d or paid In preoe<aag 12 monim. phis stack
dMdand. s-etock saOL Dividends begin with dale o) spa.
sit-sales, idhridand paid In stock In pracadbig 12 monmo,
a sOma tad cash vttua on ex^Mdond or ax-dtatribudon dote,
u-naw ywariy Wgh. wading hahad. vMn bankruptcy or
raoalvarehlp or bohg reorgantaed imder me Benknjpry Act.
or oacratOas aaaumad by ouch oorapaidoo. wcMbMbottd.
wHriwn Waned, ww-wtm warrants, t-ex-dMdend or aieflgntt.
■ d ta eta dta rtbutloiL xw-without warrants, ynw d M dand and

■if Ilf

; SV ;* j

AMEX COMPOSITE PRICES

3:15 pm prices June IB

Pf Ola

Stock dm e Idas Mgb
Acted Cpr -0.3 6%
Ak Expr £16 1* 08 28%

AMo Ino • 2 94 - .1%

Mftm toi 143 18 2%

[Awttn £60 13 a 48%

Mttaki £84 K> 6 20%

Jafaftx 194 5 1280 5%

AodtMCf aW7B8 884 15%

AmEtpl 4 38* 2%

taM-Saift 17 27 4%

Mrettd, 20 31 8%

Atari 0 BS 1 %

MttCU B « 16 A

AnlcwA < M 2 %

Low Close Ctmfl Slock

6% 0% k*1F«

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a 2

40% 48% +% MHAT4

20% 21 Cnee C 4

d6% 5% +% CraesCB

IS 15% +% 0**®

z% z% ££35

4 % 4 % CypmesW

8% 0% -%

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A A -4 as:

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£04 29 112
44 10

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0 00
040 M 400
190191 22

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0 289
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028 10 68
£96 26 12

aiff 12 0

6% -3% 35
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5% S% 5%
14£ W 14
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23 23 23

18% 19% 18%
0% 0% 6%
11 % 11 % 11 %
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CalEngy 15 157. 11% d11% T1%

Calprop •' 0 20 2% 2% £%

Canrd A 092 14 2546 22% 22% 22%

CM Itac £24 13 6 13% 13% 13%

ChmnA 6 964 B% 6% 6%

ChSMtaS 9 33 7% 7 7%

44 27 4% 4 4

iCtiBoo 0 412 1 I *

+% Eastn Co
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Dtv. E 108S
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044 40 6

9 82

150 11

£104*3 232
198 16 189
£40 3* 102
£40 16 11

£63 12 12

8 10

£36 *2

27 13
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£48 27 25

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£46 0 2

194 8 2100
£07612 1433
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£80 11 23

3.20 40 5

£10 II 6
£46 40 17

28 209

7 IS
17 3652

1.06 133

£08 IS US
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£34 10 5U

£20 28 2308

8 33

274 41S

High Low Cloee drag Stack Ms. E IOOi
an 3% 3H +AbMooGp £18 10 17

17% 17% 17% -% WBiatmo 2 140

1 % 1 % 1 % ■*% HoreUfdt 0 0

4% 4% 4% Hmaatao 118 102

4% 4%

23% 23% 23% -% j agn

21 % 21 % 21 % -5 EL£ 2 | £M ^3

19% d»% 19% -% E*g£ff £

19% 19 19 -% ““J* 0 “*

5% 6 % ft 01057

(1 II H Jen Sett 43 0*

4% 4? 4? -% £**5 * *

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14% 14 14 Ltnax IK 14 n

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13% 13% 13%
2 % 2 % 2 %
1 % 1 % 1 %
8 % dB% 0 %

3% 3% 3%
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l t &

tamo Stock Dtv. E 180a Hlflfc Low Close Ctmg
+% ni Corp 090 20 1413 25% 24% 25 +%

Flgnas 0 £10 35 223 13% 18% 13% +%

. -% Porini OJBO 37 40 12% 12% 12%

+% PdMPi 1.14 16 7 13% 13% 18% +%

PWLDx £24 15 909 38% 30% 30% -0

. AbreA> 1.10 15 24 20% 20 20

17 Pty Own 0.12 22 84 11 10% 10% -%

ZT* PMC £04 14 4 9% dB% 8 %

^ PteakSdA £10 1 46 2% 2% 2%

fttoiG* 0 » A d& &

M 13% 15% -%

5% 5% 5% -*•

12 % 12 % 12 % -%
AAA 8jw Com

1 % 1 % 1 % -% *wl B

8 % 3% 3%

ol ei ^

M% 10% M% -%

31% 31%
73% 73%
BH 85
26% 20 %
305 430

4% 4%
31% 30

UB% Bti

20% 20%
23% «»S

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5% 3%

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31% -5
73%

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20% -5
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3 % -5
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7 076
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0 13

£44 7 40

87 3

£40 17 325
38 7

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12 888
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17 77

£58 39 M2
£M 85 20

I 78
0 104

0 3%
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31 305

18% 175

0. 3

16% 15%

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6%

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33%

10 +5
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385 -15
~%

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27% 26% 27% +5 Qdattct A 288 17
1% 1% 1% +5 Ottttn £34 29 138
2% 2% 2% +% Iom Corp £14 7 70

LAC LEMAN

6% 6
a 28
0% 05

2 183 4 8% 4

0 22 2 1 % 2

198 8 23 32% 32% 32% -%

23 2 14% 14% M% +%

11 10 3% 03% 8%

2 14 1% 1% 1%

£40111 64 TO 10 U

£32 40 137 81% 31 31% +%

108 37 7% 7% 7% +5

28 1127 25% 28 2S “%

£40 19 66 7% 07% 7% -%

0 219 2% 2 2% 4%

2T 1084 05 64% 5% +%

4 4 1% 1% 1%

s a 1 % 1 % 1 %

39 S3 11% 11% 11% +5

62 6 195 19% 18% -%

33 21 14% M % 14%

1 2 5% 3% 6% -%

1 1*72 3% 3% 3%

16 £28 6 5 5

£52 B 2 20% 20% 205

1.12 11 164 13% 12% 13% +%

095 9 88 21% *1% 21% -5.

13 105 8% 8% 8% +1

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im*'

The FT proposes to publish this survey on ^ ^

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where it will be widely distributed.

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"rf SIJRVEYS**1

NASDAQ NATIONAL MARKET

3:15 pm price* June 18

Pf St*

Dtv. E IOOi High Low
04* 18 7U 32% 0915
£10 71 3 14% 14

100 VO 0% 6%

69 23 10% 10

32 IT 16 145
91 8S3 22% 21

26 753 3S5 34%
45 68 6% 8

010 17 212 1S% 011 %
032 20 4/04 47 45%

032 4 7080 9% 8%

9 113 0 6%

7 IS3 6 065

17 203 B% 0%
IB 771 215 »5

£» 12 928 17% 105
W 1740 17 010%

0 604 % di

20 17K 10% 16

19 10 105 0%

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13% 13%

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Voritona TO 1057 20% «%

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14% W%
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INDIA 1992

The FT proposes to
publish this survey on
June 26 1992.

This survey will be
read in 160 countries
worldwide, including
India where it will be
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Data soum: Profess!umt
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fUPG tor'll

FT SURVEYS

44

WORLD STOCK MARKETS

FINANCIAL TIMES

Friday June 19 1992

AMERICA

EUROPE

Dow recoups
early decline
by midsession

GPA, Maastricht add to continental caution

S'-****

Wall Street

■ v-.

IN SPITE of further declines on
overseas markets and concern
about the impact today's expi¬
ration of derivatives contracts
would have on US equities,
share prices managed to hold
their own yesterday, writes
Patrick Harverson m New York.

By 1 pm the Dow Jones
Industrial Average was up L33
at 3,289.09, a recovery from
early morning losses, when the
index had been almost 20
points lower. The more broadly
based Standard & Poor's 500
was also slightly firmer at the
halfway mark, up 0.47 at 402.73.
The Amex composite, however,
was down 1.37 at 37857, but
the Nasdaq composite rose 0.10
at 553.34. Turnover on the
NYSE was 135m shares by
1 pm.

After opening lower follow¬
ing the big declines in Tokyo
and London, the market found
little comfort in the day’s eco¬
nomic news. The April trade
deficit of $7bn was wider than
expected, while the decline in
weekly jobless claims was
smaller than forecast and
indicative of a weak labour
market

One feature was investor
wariness about buying ahead
of today's expiration of futures
and options contracts . With the
market In its current vulnera¬
ble state, there was concern
that the expirations, always a
potentially disruptive force on
underlying equity prices, could
send share prices into a pro¬
longed tail-spin.

Among individual stocks.
Advanced Micro Devices
plunged $5 Vi to $9% in turn¬
over of 4.4m shares after a fed¬
eral jury ruled that the com¬
pany cannot use a piece of
Intel software in its clones of
Intel microprocessors. The
news lifted Intel $3V4 to $51’A
In turnover of 5 An shares.

IBM rose S3V4 to $95% after
an earnings upgrade from
broking house Merrill Lynch,
which raised Its 1992 and 1992

NYSE .volume,; r : >;

Daily (mflioni *' ;': : =
rep- i.' V ■ - ■

350

300

•A?

profits estimates for toe com¬
puter group to $795 a share
and $9 a share respectively.
IBM's gains boosted other Mg
computer stocks, with Hew¬
lett-Packard adding $2% at
$67%, Digital Equipment rising
$% to $37% and Compaq put¬
ting on $% at $25%. Apple,
which like Intel is quoted on
the over-the-counter market,
rose $1% to $49.

Sundstrand, well bid on
Wednesday following positive
analysts' comments, fell $1% to
$36% after the company
announced plans for a 60 cents
a share restructuring charge in
the second quarter.

On-the Nasdaq market, J & J
Snack Poods slumped $3% to
$9% after warning that third
quarter earnings will be below
the 20 cents a share posted a
year ago.

GPA’s aborted flotation and
the Irish referendum on Maas¬
tricht took their toll on bourses
yesterday, writes Our Markets
Staff. Frankfort was dosed for
a holiday.

AMSTERDAM saw Philips
down another FI L20 at FI 2990
following Wednesday's profit
warning with the shares expec¬
ted to fall further today on toe
expiry of options. Volume was
estimated at some 4£m shares,
broadly the same as the day
before. The CBS Tendency
index was 1.6 down at 125.8.

ELM’S transatlantic - price
cuts on flights originating from
Ihe US sent the shares lower.
The airline was also rocked, by
Speculation that a US airline
was about to file for bank¬
ruptcy: ELM has a 20 per cent
stake in Northwest It closed
down FI LIO at FI 38.10.

Some analysts said that the
withdrawal of toe GPA flota¬
tion would have less effect on
kt.m than on Fokker, down
FI L30 or nearly 4 per cent at
FI 3290 because of the latter’s
exposure to regional airlines

FT-SE Eurotrack lOO - Jim 18 }

Hourly changes

Open 1090am 11 am 12 pm 1 pm 2 pm
115194 1151.40 1150.69 1149.96 1149.71 1147.41

3 pm dose
1146.47 114598$

Day’s High 1152.25 Day’s Low 1145.®

Jim 17
1158.48

Jun 16
1165®

Jun 15

1159.75

J an 12
1167.48

Jun 11
1162.52

■ value woo (anono).

tPM*L

which depend ' on leasing

flrwinnp

Elsevier closed FI 2^0 lower
at.FL 107® on rumours that Mr
Cornells Alberti, an executive
director at Elsevier and tipped
to become chairman, was to
resign.

PARIS ended lower after a
volatile session as investors
sold out, troubled by weakness
on other markets and Maas¬
tricht doubts. The CAC-40
index went as low as 1,880.51
before closing 17.04 down at
l®L80, .lts lowest dose since
February 17. Turnover rose
slightly to FFr2.7bn.

Michelin was one of the
day’s more prominent losers,
falling FFr6.7 or 3.4 per cent to

FFr1935 ahead of its annual
shareholders's meeting next
Thursday. Alcatel, another
widely-held blue chip, lost
FFr13 to FFr617.

Among smaller stocks, Hach-
ette lost FFr3.4 to FFH2B.7 in
spite of the company's forecast

of a return to profit this year..

MILAN started about 0.5 per.
cent ‘ higher, following the
favourable political develop;
meats an Wednesday, but later
came back slightly in view of
the weakness on foreign mar¬
kets. The Comb index rose 2.1
to 471.79 in turnover estimated
at between L90bn-LB5bn after
L88ba on Wednesday.

Trading on the screen sys¬
tem was delayed by one hour

due to problems with the tele¬
phone lines linking the net¬
work. Sip was toe most heavily.
traded on the system,'losing
L73 to Ll ,278 in 7.02m shares,
on fears that the reorganisa¬
tion of the sector would take
longer than expected.

Weakness in the Italian bond
market, following Wednesday's
devaluation tears, put pressure
on the banking sector. Banca
Commerdale fell L65 to 12,955
and Credito Italiano lost L48 to
14,636.

ZURICH was relatively resil¬
ient. the SMI index closing 10.6
lower at 1,862.5 in moderate
volume. Registered shares in
Ciba-Geigy, SFr30 lower at
SFr3®0, topped the active list
Other chemicals were also
lower with the exemption of
bearers in Merck which rose
SFrIB to SFr696 on buying by
one small Zurich-based hank.

Swissair extended losses
from midday to close SFrl2
lower at SFr720. The airline
said on Wednesday that it
planned to cut 400 of its 6,000
administrative jobs.

HADED) weakened in mod¬
erate volume, the general
.index losing 1® to 246-51.
Rumours that the chemicals
group Ercros may file for bank¬
ruptcy drove the shares down
Pta33 or 15 per cent to Ptal®.

STOCKHOLM fell ahead of
the midsummer holiday today.
The AffArsvdrlden General
index fell 14.40 to 928.90 in
moderate turnover of SKr430m,
of which trading in Astra
accounted for SErdQm, as yes¬
terday was the final day for
trade in Astra restricted
shares. All Astra shares will be
unrestricted from Monday.

OSLO suffered its 13tb con¬
secutive decline, depressed by
fails on the foreign exchanges.
The all-share index dropped
6.51 to 417® In trading worth
NKr250m,

Norsk Hydro shed NKrJLSO to
NKri62. UNI Storebrand,
which asked the government
for permission to hold its 28
per cent stake in the Swedish
insurer Skandia beyond June
30, saw its A shares drop NKr3
to NKr39.

COPENHAGEN moved
against the trend, the KFX
index closing 0 ® higher at
89.03 after a modest recovery
by bank and insurance shares.

The insurer, Hafhfa, in deep
trouble because of unrealised
losses on its large stakes in
Baltics and Skandia, saw its A
rise DKri2 to DKrl42, mainly
because of the rise in value of
its 33.5 per cent stake In Bal¬
tics, whose shares rose DKiffl
to DKr460.

Danske Bank and Unidan-
mark edged up in quiet trad¬
ing, mainly because toe domes¬
tic bond market stabilised.

HELSINKI'S banks were
another story. Free shares in
E0P, one of Finland’s largest
banks, tell FML2 to FM8 as the
Hex index closed 17.7, or 22
per cent lower at 769.2,
alth o ug h traders said that trad¬
ing was extre mely thin.

ISTANBUL jumped by 2.7 per
cent with the 75-share index
dosing up 95-52 at 3,61454, its
highest level for over a month.
Turnover was estimated at
TL206.7bn from TL144-8bn.

A- -

ASIA PACIFIC

Nikkei loses 2.4% despite buying by investment trusts

Tokyo

Canada

TORONTO struggled back
from early morning weakness
in moderate midday trade.
Most sectors suffered losses,
with the consumer products
and communications and
media indices hardest hit by
slides in their heavily-weighted
issues. The TSE 300 was off
105 at 35575, op from a morn¬
ing low of 35495, in volume of
14.68m shares valued at
C$155m.

THE NIKKEI average set a 5%-
year low for the second consec¬
utive day as a drop in the
futures market prompted fur¬
ther arbitrage-linked selling,
writes Emiko Terozono in
Tokyo.

The 225-issue average lost
40054, or 2.4. per cent, to
1654556. The index fell to the
day's low of 16,03051 in the
morning session on. arbitrage
fleHing and Ij qiddatfon of hold¬
ings by corporations and finan¬
cial institutions.

Heavy buying in the after¬
noon by investment trusts
helped recoup the losses, and
the Nikkei rose to 16,403.65.
However, the improvement
was eroded by selling by a
leading US broker towards the
end of the session.

Volume rose from 288m
shares to 330m. Foreign inves¬
tors, who until recently have
been buyers of the Tokyo mar¬
ket, were seen selling real

estate, securities and bank
shares. Traders said foreign
Interest towards Japanese
stocks was waning, although
liquidation of holding's is not
expected in the near term.'

Declines outnumbered
advances by 905 to 118, with 85
issues unchanged. The Topix
index of all first section stocks
dropped 3057, or 2.4 per cent,
to 154554. but in London the
LSE/NIkkei 50 index put on 4.46
to 978.04.

Comments by Mr Yasushi
Bfieno, '■Bank 6f Japan gover¬
nor, ruling out scope for a cut
in toe official discount rate
also discouraged investors. In
spite of the denial, however,
the sharp foils in share prices
raised hopes of monetary eas¬
ing among bond market partic¬
ipants. The yield on the 129
10-year benchmark fell to 5595
per cent from 5.42 per cent on
hopes of lower short-term
rates.

However, stock market par¬
ticipants ignored movements
in the bond market Traders

said buyers would be absent
while the selling by arbitra¬
geurs and institutions contin¬
ued.

A total of 21 2 shares fell to
the year’s low, as was the case
with Nippon steel, Y5 cheaper
at Y260.

Ramona that loading Japa¬
nese brokers had revised down
their naming s forecasts for the
leading, steel companies
prompted selling. Institutional
investors sold holdings of lead¬
ing blue chips.

Daikyo, the condominium
maker, weakened Y19 to Y78L
The issue fell by its daily limit
on Wednesday as rumours that
the company faces financial
trouble calculated in the mar¬
ket Although company offi¬
cials denied such rumours,
traders said investors
remained pessimistic about
Daikyo’s business prospects.

Roil estate companies were
also weak, with Mitsui
Fudosan finishing Y 55 down at
Y830 and Mitsubishi Estate
retreating Y21 to Y779.

In Osaka, the OSE average
declined 358.77 to 19,14356 in
volume of 225m shares.

Roundup

WEAKNESS IN New York and
Tokyo unsettled Pacific Rim
m arkets .

NEW ZEALAND closed lower
as investors, already scarce
ahead of the July 2 govern¬
ment budget announcement,
were further discouraged by
weakness on international
markets. The NZSE-40 index
closed 1455 down at 1,515.95
in turnover of NZ$24.9m
(NZ$29.6m). An exception was
Brierley Investments, a cent up
at 97 cents on the day’s heavi¬
est volume of 6.7m shares.

AUSTRALIA held up fairly
weQ in the lace of the sharp
declines in New York and
Tokyo, the AU Ordinaries
index ending 65 off at 1,6245
after an early low of 1 , 616 . 1 .
Turnover was steady at
AS271m. CRA fell 12 cents to
AS1454 after reporting that a

strike had closed iron-ore pro¬
duction at its Hamersley unit
in Western Australia.

MANILA continued its down- ■
ward correction as the compos¬
ite index shed 36.04 to 1,499.78
In turnover of 184m pesos ,
after 264m. The decline was
triggered by a $2,125 loss to
$39,625 for PLDT in overnight
trading on the American Stock
Exchange. It ten 45 pesos to
1,045 pesos in Manila.

HONG KONG also extended
its retreat, the Hang Seng
index tumbling 49® to 5.796.10
in steady turnover of
HK$2.77bn. Utilities were
sharply lower Hongkong Elec¬
tric lost 40 cents to HKJ18.60.

KUALA LUMPUR was
broadly lower in light trading,
the composite index slipping
8.69 to 596.50 in turnover of
M$i03m (M$l86m). Telekom
Malaysia declined 30 cents to
fi£$I&70 and Tenaga Nasional
25 cents to M$850.

SINGAPORE fell on profit-
taking. The Straits Times
Industrial index closed 1151

down at 1,506.03 In turnover of
S$112.4m (S$1405m). Shipping
stocks were among the most
actively traded, joining ship¬
yard issues on the list of losers.
Hotel shares were also sold
after a local report that occu¬
pancy rates have slipped in the
second quarter.

TAIWAN firmed in light
dealings as late bargain hunt¬
ing overwhelmed midsession
declines. The weighted index
gained a net 2458 at 4,628.78 as
turnover shrank to T$28bn
from T$365bn. SEOUL dropped
in cautious trading. The com¬
posite index fell 1257 to 56355
in turnover of Won2ll.5bn,

after Won326.5bn.

SOUTH AFRICA

JOHANNESBURG dropped ill
nervous trading. The indus¬
trial Index fell 51 to 4,494 and
the overall index was off 43 at
3557. Urn gold index dropped
20 to 1,132. The gold share
Venters jumped- 30 cents to
R155 In speculative trading.

Italian volume continues recovery

William Cochrane reviews last month’s European equity turnover

M ay was a volatile
month for equity
turnover on Euro¬
pean stock exchanges, with a
weakening In Belgium, France
and the UK balanced by gains
elsewhere. But even the win¬
ners were riding for a fofi.

Italy put up the biggest
increase in trading, turnover
rising by 30.7 per cent, extend¬
ing and accelerating a 25.4 per
cent gain in April after an
exceptionally weak March. It
had periods of excitement, and
stock market rallies in May on
the hopes of a recovery in
political stability and in the
economy longer term, seen par¬
ticularly in industrial shares in
anticipation of these events.

“People thought that Italy
must have seen all the bad
news," says Mr James Cornish
oE County NatWest, which pro¬
duces the monthly turnover
figures, “but the change in sen¬
timent came ahead of any
ch a n g e in reality." The Danish
"No" vote to toe EC Maastricht
treaty brought tear back into
the Milan bourse at the begin¬
ning of June; it had already

been severely incapacitated on
June 1, when the screen trad¬
ing system was knocked out of
commission by heavy ram-
storms and lightning.

The Netherlands, up 205 per
cent, was helped by the oil
price rise and the boost in trad¬
ing which this gave to Royal
Dutch. There is a sense in
which a market so sensitive to
oil, the US dollar and the per¬
formance of its bfo: interna¬
tional stocks seems never to
have a domestic story of its
own to telL

“There is a good story to be
told about toe Dutch domestic
equity market," says Mr Cor¬
nish; but he reflects wryly
that, this month, it seems
likely to be submerged in this
week’s further, painful chapter
in the Philips saga.

Germany, in May, put on 16.6
per cent as the threat of a
metalworkers' strike was
averted. In this, it effectively
returned to toe January/March
level after a nervous April, hut
once again, as in the case of
other European bourses, its
June trading has been seri-

EUROPEAN EQUITIES TURNOVER
Monthly total In local currencies (bn)

Bomo

Feb

1992

Mar

1992

Apr

1992

May

1992

US

Sbn

Belgium

4652

4858

51.38

4050

153

Franca

116.18

10857-

112.17

100.16

18.57

Germany

12650

1».68

10750

125.80

7858

Ebriy

854850

554450

7.45750

9.747.60

aoe

■»-«*— -* Q—

Naxmrt&nas

14.10

11.00

1250

14.70

8.13

Spain

66753

60758

461.52

513.47

5.13

Switzerland

1050

11.88

12.48

1129

9.13

UK

2951

3259

41.17

3555

64.70

r p una— — end aatae.

ItmHu Omta MOfiJKod to Inaudm oB-nmrtnl truing.
6oonx County Nnrnfut WOo&tmo.

Soma Bourse may be revitatL

ously affected by worries about
EC stability - after toe Danish
vote, on the run-up to yester¬
day’s Irish referendum and In
the prospect of a French ver¬
sion in September.

Political stories were also
reflected in the UK and France,
the former foiling by 14J per
cent as the post-election spree
evaporated and the latter
declining - by 10.7 per cent fol¬
lowing the April euphoria on
toe appointment of Mr Pierre
Beregovoy, as prime minister.

Belgium dropped by 20.6 per
cent Here, the market was still
up on the average for the pre¬
vious 12 months, and Mr Sebas¬
tian Scotney, Belgian specialist
at Dillon Read, says dividend
dates were behind the decline:
“Quite a lot of the market goes
ex-dividend during May, and
the dividend-interest buying
which lifted April was replaced
by post-dividend languor in big
blue chips such as Petroflna,
Electrabel and Soctete Gdndr-
ale de Banque.”

FT-ACTUARIES WORLD INDICES

Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co., and County NatWest/Wood
Mackenzie in conjunction with the institute of Actuaries and the Faculty of Actuaries

NATIONAL AMD
REGIONAL MARKETS

WEDtSSDAY JUNE 17 1992

TUESDAY JUNE It 1892

DOLLAR MDEX

Figures In parenthimu
show number of lines
of stock

US

□ay's Pound

Local Local

Dollar Chany* Starting Y«* DM Corrancy % dig

Gross

ON.

US

Round

Dattar Marling Van

DU

Mas

Max Max Max Max on day YMd Index Max Max Max

Local
Currency 1882

High

1992

Low

Year

[approx)

Australia (68) ...

Austria (19)..

Belgium (461..........

Canada (115)..

Denmark (35).

Finland (15)__

France (104).........

Germany (35)_

Hong Kong (55)....

Ireland (16)_

Italy (78)...

Japan (4?3)..~...

Malaysia (B9)...„

Mexico ( 10 )..

NeBiertand (25)..

New Zealand (14)..

Norway (23)..

Singapore (38)-

South Africa (61).

Spain (SO)___

Sweden (27)...

Switzerland (63>...

United Kingdom (227)...,
USA (522).

... 148.61

-04

11727

117.74

... 171.61

-1-4

13758

137.82

... 14258

-0.8

114.05

11450

... 125.61

-15

100.48

10058

- 23151

-1.9

18550

18658

-15

8159

81.85

... 159.51

-1.9

12759

128.09

124.07

-1.0

99.24

9955

... 24651

+0.0

197.42

19851

16051

+0.3

128-23

128.74

.... 8951

-0.1

55.60

55.82

98.29

-2.7

78.82

7853

.... 241.48

-0.1

193.15

193.92

,.. 1486.64

-2,5

1190.74 1T9553

.» 16248

-1.9

129.55

130.17

... 4654

+0.1

37.06

3752

... 17959

-1.7

14349

144.07

— 220.08

+ 0.0

182.44

183.17

... 237.10

+ 15

189.66

190.42

154.17

-0.6

123-32

123.82

.... 193.30

-15

15451

15554

... 10801

-15

8859

88.75

._ 183.14

-1.0

134v49

158.10

._. 183.89

-1.4

131.08

131.63

12028

140.79

11007

103.05

19026

63.18

13055

101.78

202.49

13151

57.02

60.64

198.10

129.40

14050

114.10
108,79
191.30

6959

133.05-

101.78

24551

133.11
6156
7853

234.13

122158 608055
182.97 131.42

3852

147.17

187.11

104.62

126.48
15858
88.52

168.44

134.48

4557

149.93

17089

186.77

115.74

162.75
9555

154,49

163.89

-D.B

-1.3

-05

-1.4

-15

-1.4

- 1.1

-05

+0.0

+0.6

+05

-2.5

- 0.1

-2.4

-15

+ai

-15

- 0.1

-at

-04

-15

-05

r07

-1.4

452 14752
259 174.04
655 143.75
359 12753
1.92 236.47
2.03 7823

353 162.55
227 12557

354 24080

458 15950
357 8959

1.08 101.05
067 24154

117.43

13073

11458

10150

168.49

62.35

129.56

99.93

18072

127.46

55.47

6055

182.61

117.99
139.39
11012
10157
16959
8255
130.17
100.42
197.66
128.06
55.73
80.93
183.52

120.02

141.79

117.11

103.73
192.65

63.73
132.41
102.13
201.07
13057
5099
6254
19088

130.12
14253
114.68
110.32
194.18

7057

134.56

102.13
24459
13256

61.65

8053

234.48

15068

186.70
146.19
142.12
273.04

88.80

16075

12557

254.67

173.71
8058

140.95

250.18

14094

162.48

13657

125.60

22651

73.64

14006

11457

17656

151.78

88.70

212.49

140.09

18753

127.41

141.07

24064

102.67

128.91

109.61

161.64

145.12
7754

120.02

237.13

1.13 1527.05 121750 1223.00 1244.06 5207.47 1789.77 137091 1009.94

457 16552
4.99 4029

1.68 182.42
155 28017
2.76 23352
028 155.11
2.73 197.08
225 10043

452 199.12
356 16025

131JQ

3090

145.40

18157

18038

123.84

157.08

8752

15553

132.52

13252

37.08

14010

182.74

18758

12453

157.84

87.64

15856

133.18

134.60

37.71

14061

18558

190.48

12858

lease

89.16

158.94

13045

133.13

45.32

151.78

17051

18657

116.16

16451

05.48

155.53

10025

185.22

4852

192.95

229.63

263.60

161.72

200.28

109.43

200.07

171.66

14758

42.01

16156

192.76

203.16

14086

173.09

9559

16555

160.92

134.68

4049

191.70

107.71
226.16
14859
16953
90.7B
16252
15150

Europe (753)..

Nordic (100)...

Pacific Basin (718).....

Euro-Pacific (1511),,..-,.

North America (637).

Europe Ex. UK (S 68 ).__..
Pacific Ex. Japan (246)....

World Ex. US (1705).

World Ex. UK (2000).

World Ex. So. At. (2166)..
World Ex. Japan (1754)...

153.00

177.11
10551
124,41
161.48
12004

171.12
126.58
133.02
137,54
16050

■2.4

- 1.8

■12 12258
■15 141.67
84.00
9952
■1.4 129.17
-15 10352
-05 13658
■1.7 10154
■1.7 106.40
- 1.8 110.02
-1.2 12038

12258

14254

84.34

99.91

129.70

103.65

137.46
10155
106.84

110.47
12091

125-53

145.31

86.18

102.06

13250

10559

14040

103.64

109.14

TI255

131.70

124.54

14254

85.41

101.60

160.14

10758

15258

103.86

119.19

121.90

14756

- 0.6
-1A
-21
—1-4

—1:4

-05

-05

-M

-15

-1.4

- 1.1

352 15450
228 18052
155 107-54
.257 126.66
3.06 16351
355 13070
352 17152
258 12875
2.56 13557
253 130.82
358 162.48

12359

14359

86.72

100.96

130-57

104.18

136.84

102.63

10752

111.45

129.51

123.98
14458
8013
101 A3
13151
104.70
137.31
103.12
10855

111.99
130.14

120.12

147.07

87.61

103.18

133.47

10650

13857

104.89

11052

113.82

13259

125.45
14452
8757
103.05

162.45
106.07
152.62

105.45
121.00
123.65
149.14

156.88

168.52

141.97

14551

169.69

131.77

17551

148.91

15058

153.05

165.40

13851

169.66

94.40

113.80

158.70

12151

149.00

116.45

12751

13054

16350

133,12

18158

129.98

13155

151.06

115-19

139.26

13357

13850

138.01

144.97

TlW World Index (2227),.. 13870 - 1.0 110.54 11059 11358 122.48 -1-4 2 J 82 1 40.43 11153 112.47 114.41 124.22 153.70 130.66 13858

Copyright, toe financial Times Limited. Goldman, Sacha & Co. and County NatWest Securities Limited. 1987
Latest prices were unavailable for this edition.

PRELIMINARY

RESULTS

for the year ended 31 March 1992

HISTORICAL COST

1991/92 1990/91

Turnover

£834.6m

£829.3m

Profit before tax

£94.7m

£58.9m

Profit after tax

£69.8m

£43.6m

Earnings per share

58.7p

36.7p

Final dividend

12.80p

11.20p

Highlights

• Profit increased to £94,7 million

• Over £61 million invested in pursuit of improved customer services

• Reduction in operating costs of £16 million

• 1992 price rises well below inflation

• Executive team restructured and strengthened

“We have had a very encouraging year and have achieved the level of profits
required to fund the investment in the network and other parts of the business
needed to improve customer service. By focusing on our businesses, we have
secured reductions in operating costs of well over £16 million which have enabled
ns to keep price rises in 1992 well below the rate of inflation. At the same time
we have improved services to customers in virtually all criteria measurable.”

Bryan Weston
Chairmau, 18 Jane 1992.

The roapuy'i Annual Report will be sent to nil shareholders in early July. Copies are available fm the Company Secretary

Kuweh pie, Sralaod Road, Chester, CHI 4LR.

For gbare price informality call the Shareholder Hotline on 0839 500543

•Cilli ckiiyJ anile (kflf rilr. 4tp a ny Mfcir tor.

fir ' s

wet

^Eag-— ■■

'Junt to iyyz

EUROPE’S BUSINESS NEWSPAPER

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i iradisj. ft.

"3- Sda fs;
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• • .’• .

Car-free European
cities proposed
byRipadi Meana

DS523A

Fresh fighting in Sarajevo dashes UN relief plan

a

EC environment commissioner Carlo Ripadi
Meana said c ity dwellers should get rid of their
mis to prevent Europe’settles being p.hnb<>d by
tne internal combustion engine
Saying he was ready to set an ewtmpu by aban¬
doning his own Alfa Romeo, he unveiled a study
showing It. would cost between two and five times
less tolive and work in car-free citi es . Page IS

Maastricht uncertainty: One In four voters

’ ■ i r. i ,1/u i u ,y,, t, i,r,;r,v,¥! ,r rrrusra m

treaty is still undecided, according to a public
opinion poll published yesterday. Page 18; Further
Maastricht reports. Page 3

fatten preditorships President Oscar Luigi
Scalfiro announced he would formally invite
GluhanoAroato, a former Socialist finance minis¬
ter, to be Italy’s 5lst Italian prime minister since
the war. Page2; Liradevaluation fears. Page

Tokyo stocks hRnew low The Nikkei stock
average plunged 507.73 to 16,445.80 - a loss of
3 per cent r td ito lowest level since November
1988. Negative sentiment spread as buying by
public pension funds, failed to counter continued
selling by dealers and institutioual investors.

Page 46; Further blow to Japanese investors.

Page 19; Editorial Comtoeut, Page 16

,4*V • -tjirj? •,

Lomtet Zoo, the world’s oldest and formerly
a top tourist attraction, will close hi September
unless a private backer can be found. The zoo
has beenin financial <hfficultles. After breaking
even in March it cancelled closure plans. However,
attendance so far tidsyear has fallen to 30 per
cent beta? target and the zoo has a deficit of
£2m (t3£4m) onanmwi running costs. Report
and farther picture/Pag? 9

Gorman hostages free<6 German aid workers
HeinrichStrftlfig and ^iTiomaa Kemptner, the
. last westem hostages in Lebanon, returned hopie
to Coiogpafeoiu Beirut, after three years held '
bySbia Moslems seeking the release of two prison-.
ers in Germany. Its not oyer yet, Page 4

Banco Santamtor president Emilio Botin
baslieen subpoenaed to appear tomorrow before
a Madrid judge who is investigating possible
tax.ffaud involving loans worth aboutfibn made .
by the bank between 1987 and 1989. Page 19

Upjohn stocks skimps Shares in Upjohn,

US pharmaceuticals group, tumbled towards
a i&week lowafter the company warned that
second-quarter earnings would not surpass last
year’s. Page I9r, Wall Street, Page 46

Cable and Wireless chairman Lord Young
said he was discussing partnerships for specific
projects but ruled out a global alliance:

Page 19; Lex, Page 18

BICC, UK-based cables and construction group,
announced a £55m (8100m) deal which will double
its-share of the power cable market in North
America. Page 19

Caeechoslovak pact: Czech and Slovak, leaders -
reached basic agreement on forming a new govern-.

' meat, but remained deadlocked on how to prevent
Czechoslovakia splitting. Page 2

Tanker crash kills 48: At least 48 people
were killed on Egypt's north-western coast road
near Alexandria when a tanker carrying inflamma¬
ble liquid collided with a bus.

Portuguese drugs haul: Portuguese police
claimed to have made Europe's biggest cocaine
haul after they seized 4,0001b of the drug as it
was transferred to a fishing boat Two Spaniards
were arrested.

Digital Equipment, world’s third-largest
information tedmotagy group, is reorganising
its European operations in an effort to restore
Ragging sales and profitability. Page 21

European soccer: England and France were
knocked out of the European championship in
Sweden. Sweden beat England 2-1 and Denmark
beat France 2-1 to go into the semi-finals. About
40 England supporters attacked Swedish fans
in Stockholm after the defeat.

■ STOCK MAR KET BUHCCS

FT-SE100:- 2JSUA H™)

VMd__4.71

FT-SE 6flutra* 100 -1.15MI H*S2)

FM AMIare-HW1

FT-AVtodd Index-13L28 H-8»)

tmd _iM«ai esof.raj

tee Voric • ’ ■

Dow Jones MAve—1287.78 Hi tt)
SSP Cnmoors® -.,.40X28 H®)

■us umctrritic rates_

Fedor* Fonds-1—8S* (3*5*1

3mo Tress Sas YJd~ 1SB*% WVS%)

Long Bond . 1 —108 (101 113

YWM_ 7*19* (7-627*)

■ LONDON MONEY_

3mo interbank _18£% (10**)

Ulfc tag pa Mure-.Sep 97% (S8p S7J|J
MN OBTH S BAOi L(Arflub)

Brail 15-dagr Aug-JHLSS (21875)

■Odd _•_

New Yodc Comex Jun —SS4t2 mZ)
faata:-SM235 (342.15)

By Judy Dempsey In Belgrade

THE FRAGILE ceasefire in
Sarajevo, the besieged Bosnian
capital, collapsed yesterday,
dashing hopes of the United
Nations sending food and H uman .
Italian aid to the city’s starving
inhabitants.

. UN officials said the ceasefire
ended at dawn after Sarajevo
came under fresh mortar attacks
and heavy bombardment from
the surrounding bills, which are
held by Serb irregulars and Serb¬

ia's prosy Bosnian army.

Last night Serb irregulars were
again pounding the city and its'
suburbs with artillery, and the
main government building was '
bombarded for several hours.

Street fighting moved towards
the centre of Sarajevo as Serb
irregulars and Bosnian territorial
defence units engaged in sus¬
tained battles for control of parts
of the city.

Eye witnesses reported that
Serb irregulars bad entered the
suburb of Dobriqja, near the air**

port, and bad taken many people
from their apartments, evidently
„to exchange them for captured
Serb snipers.

A senior UN official in Bel¬
grade, the Serbian capital, said it
•was too dangerous for the UN to
try to reopen Sarajevo airport for
an airlift of food and other sup-
jplies. He said a UN convoy that
left Belgrade yesterday morning
r with relief supplies was still
blocked from entering Sarajevo.
*" “There is no water, no food, no
electricity. There is no hope.

There is only fi ghting . We are
being abandoned by the world
community," said Mr Ivan Kne-
sovic, a philosopher professor at
Sarajevo university. .

Mr Rhesovic said he was afraid
that the Serb irregulars would
eventually take Sarajevo street
by street, house by house.

UN officials had pinned great
hopes on the ceasefire, as one of
the last chances to reopen the
airport, blockaded by Serb irregu¬
lars for 11 weeks.

“There is little chance now that

Canadian troops will be sent to
take over control of the airport,"
Mr Kncsovic said.

The Serb irregulars, led by Mr
Radovan Karadzic and General
Ratfeo Mladic agreed to the cease¬
fire last Sunday in the belief they
could use a lull to consolidate
their positions in the city arid,
eventually divide it.

. But western diplomats said an
agreement between Bosnian pres¬
ident Alija Izetbegovic and Cro¬
atian president Fran jo Tudjman
to form a military alliance could

Controller of Liechtenstein company to help trace plundered assets

Foundation

may replace
funds taken

by Maxwell

By Andrew Jack In Vaduz Foundation," he said.

Yesterday's press conference
THE Liechtenstein lawyer was a strange gathering for
controlling the Maxwell Founds- Liechtenstein, since much of the'*-
tion, one of the ultimate share- country’s business derives from
holders of the Maxwell business its reputation as a secretive* - ,
empire, yesterday said be would haven for assets from abroad,
try to use his powers to provide "I don’t know how my col-
money to compensate pensioners leagues will react,” Mr Keicher
affected by theft of their funds. said. "What I did today {went]
Speaking at wbat is believed to quite far." . -v

be the first press conference held Mr Keicher said he had not
by a lawyer in the tiny alpine consulted anyone before deciding.
principality on the..subject of to hold the press conference. He^
trust funds. Mr Werner" Kafcher'~*a|>peared relaxed and candid as ‘

promised complete - co-operation
with investigators trying to trace
the movement of assets through¬
out the Maxwell business empire.

He revealed details of the Foun¬
dation’s assets and objectives and
said he was considering exerting
control over Maxwell companies
which were recently shown to be
continuing to operate, outside the
control of British administrators.

Mr Keicher said he wanted the
companies to continue to operate
and to pay dividends to the Max¬
well Foundation. He would
attempt to change the charitable
objectives of the Foundation to
allow it to pay these dividends to
pensioners.

"The problem of the pension
funds and the fate of the pension¬
ers disturbs me greatly," he said.
"Why should they not receive
money from the Foundation?”

Mr Keicher said the current
charitable beneficiaries did not
in ciud » any members of the Max¬
well family. "Mr Kevin Maxwell
will never get a cent out of this

he answered in English and Ger¬
man more than two hours of-
questions from journalists' 1 *
crowded into a small hotel room.

But he offered little encourage-

Liechtenstein lawyer Werner Keicher promises to co-operate with Maxwell investigators

merit for those hoping to identify, holdings In Robert Maxwell
hoards of hidden assets held in ' Group, parent of Mirror Group
the country. He said the Maxwell- ‘Newspapers, Headington Invest-
Foundation held about SFtSjOOO' merits, the ultimate UK holding
(52,000) in cash, an unspecified^ company, and PHA Investments,
number of shares in Maxwell' a secretive investment company.
Communication Corporation, cur- Swico also held about £4,000
rently in administration, and 100^ ($7,200) in cash,
per cent of the shares of Swico . - Mr Keicher said he was using
Anstait Vaduz, another Uechten- his influence as controlling
stein holding company. shareholder to obtain the

Swico, in turn, owned 89 pern- up-to-date accounts of the compa-
cent ol Sphere, a Californian -bias held by Swico, and intended
computer games company, as to intervene in their operations,
well as 100 per cent of PH (US)~* He would also consider changing
Inc, an American investment _ the directors of Swico • who are
company currently under invest!' 'Mr Keicher himself and an
gallon for receiving money from ~ elderly Parisian lawyer,
the Maxwell public companies/* Mr Keicher said he had refused
and of Yakosa Finanzierungs AG, -requests to use MCC shares held
a Swiss trust under investigation. by the Foundation as collateral
for part of an alleged scheme to for loans. The requests came in
support the MCC share price, the fast two years from Mr Wer-

who controls Serves, a trust
which received MCC shares
which have been linked to
alleged share support operations.

Separately, a lawyer represent¬
ing several other secretive Liech¬
tenstein trusts said more than
10 m shares from MCC and Mirror
Group Newspapers had been
"donated" through Goldman
Sachs, the US investment bank
used by Mr Robert Maxwell to
purchase shares as part of an
alleged share support operation.

Mr Kamil Braxator, legal repre¬
sentative of AUgemeines Treuun-
temehmen, a company which
employs lawyers as trustees to
many trust funds, said he was
currently attempting to draw up
lists of assets and beneficiaries.
He said he would not give any
further details until this process
was complete.

The Big Lie, Page 8
MGN directors ousted. Page 9
Daily News funds, Page 18

have persuaded the Serb irregu¬
lars to abandon the ceasefire.

"The Serbs now see Bosnia as a
war in which Serbs are pitted
against Moslems and Croats,” a
western military attache said.

The offensive by the army from
Croatia into Hercegovina (west¬
ern Bosnia) could also have
destabilised the ceasefire. "Croa¬
tia, like Serbia, has de facto
invaded the Independent republic
of Bosnia with the aim of carving
it right down the middle between
Serbia and Croatia," he said.

US chief
executives
hopeful on
economy

By Michael Prowse
in Washington

WHITE HOUSE hopes that
economic recovery will arrive In
time to improve President George
Bush's election, prospects will be
boosted today by a survey sug¬
gesting that US chief executives
are more confident about the eco¬
nomic outlook than at any time
since 1984.

The Conference Board, a New
York business analysis group,
says its index of confidence
Jumped eight points to 70 in the
past three months. It says the
"overwhelming majority” of busi¬
ness leaders expect the economy
to improve in the next six
months.

The quarterly index rose seven
points in the first quarter of this
year and is now more than dou¬
ble the low point reached in the
final quarter of 1990 after Iraq's
invasion of Kuwait

Confidence is now well above
the highest levels registered fast
year when the economy began a
faltering recovery.

The improvement in board¬
room sentiment Is running ahead
of consumer confidence which is
up modestly but still far below
levels normal during a recovery.

The discrepancy may reflect
extensive restructuring in many
sectors, which is improving prof¬
itability but undermining job
security for white collar as well
as blue collar workers.

The board's index is based on
the assessment by chief execu¬
tives of current economic condi-

Coutmued on Page 18

One of the great designs of this century
And probably the next.

Swico also owns minority shares, ”1161 Rechsteiner, a Swiss lawyer

Shares in Philips slide 15%
after group profits warning

New Yodc

S

London:

1.850

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1.5745

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U1S7

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London:

127.27

(128.45)

DM

IS78

(1-567)

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(52775)

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1.4195

(1.4075)

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127JBS

(126.7)

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OJ3

(622)

Tokyo dose YttSJ

By Ronald van de Krai
In Amsterdam

SHARES in Philips, the Dutch
electronics group, fell more than
15 per cent on the Amsterdam
Stock Exchange yesterday after
the company warned that diffi¬
culties in the consumer electron¬
ics sector would cause a substan¬
tial drop in second-quarter
results.

Full-year profits might fall
below 1991 levels, Philips said. -

The company blamed the
downturn on the depressed state
of the consumer electronics mar¬
ket. which accounts for almost
half its annual turnover of
F157bn (S32bn).

"While we are maintaining
market share in our consumer
electronics and components divi¬
sions, price erosion and under¬
utilisation of capacity have
caused lower-than-anticipated
results, ” the company said.

Philips, which had seemed to
be malting steady progress in bol¬
stering flagging profitability, said
its other main businesses, such
as lighting and professional prod¬

ucts, were performing better thaq* : the second half of 1992, it is

forecast

These improvements, however,'

unlikely that a net profit from
normal business operations equal

could not compensate for the <Hs- "to that of 1991 will be realised,”
appointing trend in consumer- the company said.

electronics.

In 1991, Philips posted net prof-

Although it had been clear for Ms before extraordinary items of
some time that Philips and its.. FI 981m. a reversal of the previ-

Japanese competitors faced diffi¬
culties,. the Dutch company's

ous year's loss of FI 4Jftm, mainly
because of extensive restructur-

profit warning took the stock "tog provisions.. Until now, It had
market by surprise. Philips’ been forecasting a “limited
shares dropped 17.6 per cent to * increase” in 1992 net profit from
end the (fay at F13L30, against JBormal business operations.
Tuesday’s close of FI 38.00. ■ Philips, Europe's largest pro-

The company fa due to release ^ ducer of consumer electronics,
second-quarter figures on August has described the current price
6 . When it published first-quarten wars in compact disc players,
figures fast month. Philips said 1 videocassette recorders and other
its consumer electronics bumness f consumer electronic products as
had swung into an operating loss' unprecedented.

AuWta SchSG
Safcraki OniOOO
BflWUff pFrfiO
Cyprus -CEim
Czecn Kcs3S
Omparfc DKrH
Em* moo
Finland fMtO
France FFrftSO
Germany DM940
Groms . Dr2$D

Hungary Ftlffi
fcatafld KrlBO
IntSa Rs20
Indonesia RpfflM
Israel SM&50
■Italy L2500
Jordan JtH.20
Korea WonBOO
Kuweit Ws^»
Lebanon USS1-25

Lux* l/rffl

Mata LnASO
Morocco MDM1
Noth FI 150

Nigeria ttatnSO
Norway NKrl&OQ
Oman Ofll-20
Pakistan FW5
PbilipptaM Pso45
Poland U 13,000
Portugal E*1»
Qatar QRW.00

S Arabia SROOO
Singapore S54.1D
Spam PtaJTO
Sweden SKrU
Side SFrWQ
Tftai&rf BtttSD
Tunisia DinUlOO
Turtsy L6000
IME DhS.HI

of ’'less than FI 100m” from prof-,
its of around FI 100m the year
before. This reflected a 5 per cent
drop in selling prices.

The company said the crisis in-
the consumer electronics indus¬
try had deepened during the sec¬
ond quarter. It could not say
when recovery might begin.

“Should the present trend in
this market segment continue in

CONTENTS

Besides facing falling prices for
existing products, the heavily
indebted company is also making
substantial investments in the
development of products for the
1990s, such as the digital compact
cassette and high-definition tele-
vlsion-

Lex, Page 18
Background, Page 20

_ 42

* .

17

filmin'--

Gold Harteb .1..34

International (tews.- *

Management-

—12

UK_

-26-28

Equlty.otoons_24

European Building and

American News —,

__e

Otesrmr _

.^..17

Ha. CapMWs-

.2124

Managed Fundi_38-®

' World Trade Naws -

_ r

Technology-

-13

inti. Companies...

-,20-33

Money Maricats __42

Construction.-59-33

UK Man--—

„h.-9

FT Law Report......

—.14

Mavfcete

- RecanMssuea..............24

Westtw-

..-,18

People-

_14

Commodate —...

-34

Share Information 36,37,46

Business: Separate

_15

—...35

London SE_35

Tew tor—

TV a«J Radio.-

15

FT Worm Aeutrras.—.<»

Wan Street. 4—43-46

Section

FINANCIAL TIMES ® FT No 31,787 Week No 25

LONDON - PARIS > FRANKFURT - NEW YORK - TOKYO

2

$ ___ . ■ ._;_

NEWSi EUROPE

FINANCIAL TIMES THURSDAY JUNE 18 1992

Agreement Amato asked to form government after Craxi steps aside

government Italy ends crisis over PM

EC agrees shipyard
aid for east Germany

RIVAL Czech and Slovak
leaders reached basic agree¬
ment yesterday on forming a
new government, bat remained
deadlocked on bow to prevent
Czechoslovakia splitting apart,
Reuter reports from Prague.

“The short-term goal is to
assure the functioning of the
federal government as soon as
possible, and we've agreed on
its basic structure," said Mr
Vadav Klaus, finance minister,
after talks with Mr Vladimir
Meciar, the Slovak leader.

Neither Mr Klaus nor Mr
Meciar, head of the Movement
for a Democratic Slovakia
(HZDS), which wants to trans¬
form Czechoslovakia into a
loose confederation of two sov¬
ereign republics, named minis¬
ters in the new government

But Mr Klaus, chairman of
the Civic Democratic Party,
said he would stand for the
post of premier of the Czech
republic, rather than become
federal prime minister. "We do
not put much faith in the func¬
tioning nature of the state we
are now constructing," he said.

Mr Meciar said the new gov¬
ernment had to function as a
confederal body, with most
powers residing in the two
individual republics, which he
wants to have their own inde¬
pendent international status.

By Robert Graham In Roma

PRESIDENT Oscar Luigi
Scalfaro last night announced
that he would formally invite
Mr Giuliano Amato, a former
Socialist finance minister, to
be the 51st Italian prime minis¬
ter since the war.

A seemingly impossible
deadlock over the choice of a
new prime minister following
the April 5 election was
unblocked yesterday morning
when Mr Bettino Craxi, the
Socialist leader, agreed to with¬
draw his candidature for the

premiership.

In stepping down, Mr Craxi
proposed three fellow Social¬
ists who were considered more
likely to gain the support of
possible coalition partners.

Mr Amato, a law professor
and highly respected In parlia¬
ment as a senior member of
the Socialist Party, was from
the outset the most likely can¬
didate once Mr Craxi with¬
drew.

Mr Amato is in charge of a
special party commission
looking into the Milan munici¬
pal corruption scandal

Though using guarded lan¬
guage, Mr.Scalfaro made it
clear that the next prime min¬
ister would need to reflect the
reality of the large protest vote

Amato: summoned to
presidential palace

against the coalition of Chris¬
tian Democrats, Socialists,
Social Democrats and Liberals
in the April 5 election.

The candidate also had to
reflect the need for clean gov¬
ernment in the wake of the
corruption scandals.

President Scalfaro is also
anxious to see a slimmed down
government and the likely
emphasis will be on technical
competence rather than, party

Bettino Ckaxi: tainted-by
corruption scandal

loyalty.

This effectively excluded Mr
Craxi, who based his election
campaign on a renewal of the
four-party coalition and whose
image has been damaged by

Craxi decided to stand down on
his owe initiative or was per¬
suaded to do so by Mr Scalfaro.
Mr Craxi, prime minister from

1983 to 1987, had assumed
before the elections he would
get the job, backed by the
Christian Democrats.

Until now he has insisted on
being the SodaHsts’ candidate
for. the premiership despite
growing dissent within the
party and lukewarm support
from the Christian Democrats.

His insistence also blocked
much-needed support from the
small Republican party or
the former communist Party
of the. Democratic Left
(PDSD-

■ The immediate Christian
Democrat reaction was favour¬
able. The party has recognised
that, with one of their number
newly elected as president, a
likely balance was a Socialist
prime minister.

Equally important, the PDS
appeared willing to back a
Socialist prime minister and
shifted the emphasis to the
nature of the next govern¬
ment’s programme.

• A prominent Socialist in
northern Italy Senate Amo-

a major city hall corruption
scandal in Milan, police said
yesterday.

Milan stock market recovers,
Page 46

By Andrew Ififl hi
Luxembourg and LesHo Colttt
in BerBn

EC -industry ministers last
night agreed controversial
European Commission propos¬
als to cut capacity in the ailing
east German shipbuilding
industry by 40 per cent

The deal win be backed by
safeguards to prevent the rest
of the EC industry being
undercut by subsidised east
German competitors. The
agreement should allow the
Treuhand to sell off some
yards to private companies.

The restructuring pro¬
gramme, which began after
German luiiflcatinr^ will even¬
tually have cost 25,000 ship¬
building jobs in east Germany.
■ Under the Commission plans,
Bohn can provide operating aid
up to 36 per cent of the yards’
estimated turnover after
restructuring:

The exact amount of aid will
be adjusted for each yard
according to a complex for¬
mula. Subsidies have to be
paid before the end of 1993, in
exchange for drastic cuts in
capacity by 1995.

French, Spanish and Italian
ministers had been pressing for
capacity cuts of as much as 57
per cent They held out for

The planned DMI3bu move
of-the German parliame nt and
main government offices from
Bonn to Beilin will be delayed,
a Bundestag commission
confirmed yesterday, writes
Christopher Parkes in Bonn.

It was not possible to meet
the 1996 deadline set a year
ago, the commission said in
an interim report

One important factor was
that the results of an
architectural competition for
the refurbishment and
extension of the Reichstag,
centrepiece of the prefect,
would not be known until next
year.

assurances that the aid level
would be strictly observed and
supported by safeguards for
their own shipyards, which are
subject to a general EC celling
on production aid of 9 per cent
The future of the east Ger¬
man shipyards Is a highly sen¬
sitive political issue in Ger¬
many. Yesterday’s meeting of
ministers in Luxembourg was
lobbied by shop stewards of the
German yards and mayors of
ports of the region of Mecklen¬
burg-Vorpommern, where ship¬
building accounts for 40 per
cent of industrial employment
Only yards which opened

before October 1990 will be eli¬
gible for the subsidies.

The Commission plan has to
be approved by the European

Parliament

The EC decision came as
forecasts for early recovery of
the East German economy
were abandoned.

The German government and
some economists had predicted
a recovery beginning, this sum¬
mer, but the Federation of Ber¬
lin and Brandenburg Employ-
- ers (DVB) said yesterday that
reports from companies
showed it was still far off

In one of the most sombre
assessments yet of east Ger¬
many’s prospects, Mr Hart¬
mann Kleiner, head of the
UVB, said he expected that by
next year only 15 per emit of
nearly 4m industrial workers
in east Germany In 1990 would
still have jobs.

Many of the former workers

pere in government-sponsored
job creation programmes
which Mr Kleiner, in common
with other critics, said only
served to finance consumption
and not investments.

The gloom was deepened yes¬
terday when Bouygues. a
French construction and media
company, withdrew a bid to
buy east Germany's Riba con¬
struction group.

rese, killed himself after going
his links to party members to see authorities investi gating
involved in the Milan scandal
q was not clear whether Mr

WE WON’T

SELLAFIELD
TO BECOME A
DANGER TO
THE PUBLIC.

Nothing is more important to British Nuclear Fuels
than the safety of the public and our workforce.

Tltat is why at all of our sites, in everything wc do,
wc take the most meticulous care and implement the most
stringent safety measures.

Greenpeace planned to stage a mass open air concert
on BNFL-owncd land at Sellafield without our consent
The location would have been totally unsuitable, leading us
to believe that public safety, order and health there would
be put at risk.

Sellafield is an industrial plant, not a concert venue.

We have therefore successfully applied to the High
Court for an injunction prohibiting Greenpeace from holding
any concert, demonstration or gathering on BNFL land at
Sellafield this weekend, 19-21 June 1992. .

By doing so it is not our intention to gag Greenpeace
or its supporters. Wc always have and always will welcome
debate on nudear energy.

What wc will never do, however, is allow our
commitment to public safety
to be compromised. Either by
ourselves or by others. British nuclear fuels plc

BNFL

MAKING S ENSE OF A SENSITIVE ISSUE

Building
work in
W Europe
falling

By Andrew Taylor,
Construction Correspondent

CONSTRUCTION across a
recession-hit western Europe
Is likely to fall by about 3 per
cent this year with only a
slight improvement expected
next year, lading by forecasts
from 13 countries published
yesterday in Helsinki.

The forecasts compiled by
Euro-Construct say the biggest
falls are expected in housing
and private sector commercial
pr op er ty development.

These markets have been hit
by a combination of sluggish
economic growth and high
interest rates which have
deterred purchasers from buy¬
ing properties.

Worst affected have been
Scandinavia and Britain,
where tim collapse of property
markets has been greatest
In Gennany. rebuilding the
former communist-controlled
eastern part of the country Is
placing an increasing strain
on investment elsewhere in
tiie economy.

The value of construction
output In constant prices is
expected to rise by only L5 per
cent this year and 1 per cent
next year. This compares with
annual growth In German con¬
struction output of between 4
per cent and 5 per cent In the
three yean 1989 to 1901.

Construction output in
Spain, which rose by 13 par
emit in 1988 and 9 per cent in
1990, Is likely to grow by only
1 per cent this year as large
building programmes for the
Barcelona Olympics and the
world Trade Fair in Seville
have been completed.

B uilding and civQ engineer¬
ing activity in France and
Italy is expected to either dip
or remain static.

Forecasts available from
Euro-Construct, Millbank
Tower, Boom 1214, MObank,
London SW1P 4QX, £250.

FT survey; European building
ami construction, Pages 29-33

Russia attempts to
export unemployed

By John Lloyd In Moscow

RUSSIA is asking other
countries to allow in Russian
“guest workers" to relieve the
pressure of unemployment and
earn hart currency.

A Russian, minister -raid the
“traditional -labour-accepting
countries” of Australia, Can¬
ada and the US had been
approached to take quotas of
Russian workers.

The German embassy said
that two programmes - one
allowing a maximum of 11,000
Russian workers to come in
under contracts with Russian
companies working in Ger¬
many, and the other allowing
2,000 to work for IS months to
acquire skills - were expected
to be signal next month. There
was no intention, however, of
signing further agreements.

The frank admi-reirm by Mr
Igor Khalevinsky, a deputy
labour minister, that Russia
was actively seeking to export
labour to richer states, after
decades of revising exit visas,
points to growing concern over
unemployment.

Hu FinMil Ttaw (Earoft) LM
Published by The Financial Times
(Europe) GmbH. Frank fun Brandi.
Nibelungeoplatz 3. . 6000
Frankfun-am.M an 1: Telephone 49 69
156850; Fax 49 69 5964481; Tekx
416193. Represented by E. Hugo,
Managing Director. PniNeit DVM
Gtnbn-Hdrriyct Interna tlonmlj 6078
Neu-Isenbiug 4. Responsible editor
Richard Lambert, Financial Times,
Number One Southwark Bridge,
London SEi 9HL The Fnuadal Times
Ltd, 1992.

Registered office: Number -One.
Southwark Brtdgo, London Sfil 9HL.
Company incorporated under the Inn
or England and Wales. Chairman:
D.E.P. Palmer. Main shareholders: The
Finmcml-T1me» Limited, The Financial
News Limited. Publishing (fireetor. J.
Rofley, 168 Rue de Rivott, 75044 Paris
Cedes 01. Tck (01) 4297 0621; Rue (SI)
4297 0629.. Editor Richard Lambert.
Printer SA Ndnl Eriafr, 15/21 Rue de
Cairo. 59100 RoubahCedc* t. ISSN;
ISSN 1148-2753. Commission Paritaitt
No 67808D.

Financial Times . (Scandin
Ylmmelskaftcl . 42A, . DK-
Copcnhagen-K. Denmark. Teles
(33113 44 41. Fit* (33) 935335:.

UK urges
military
role for
the WEU

By Robert Maothner,
Diplomatic Etttor

HRFTAIN called yesterday for
the nine-nation Western
E uro pean Union to be given a
genuine military capacity, in
line with last year’s
Maas tricht agreement that the
WEU should be the vehicle for
developing European defence.

Mr Malcolm Rifldnd, the
British defence secretary, safcl
In an article ahead of
tomorrow’s meeting of WEU
foreign and defence ministers
outside Bonn that all members
should make available a wide
range of their Nato and
j natio nal assets for use by the
. WEU.

Such an approach had the
advantage of avoiding the
creation of separate standing
forces, which no member state
could afford. It also meant
that the WEU would have a,
variety of forces to deal with a j
variety of passible needs, from
humanitarian to peacekeeping j
work. Moreover, it would hefo
to ens ure th at what was done
in the WEU enhanced and did
not duplicate what was done
In Nato.

The WEU needed, in
particular, to identify
which forces would be
available for nse by the
organisation. Britain bad
suggested that European
multinational formations such
as the plan for a joint
Dutch-Belgian-German-Britlsh
Nato division, or the UK/
Netherlands Amphibious
Force, or the Franco-German
corps, could be pu t at the
disposal of the WEU.

However, in a thinly
disguised reference to the
Franco-German corps, Mr
Rifklnd warned that there
could be no question of a
European country or countries
ha ving permanent command
of WEU forces. “As in other
areas of European
construction, we will have to
share command and
headquarters roles.**

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FXISANCI AL TIMES THURSDAY JUNE 18 1992

NEWS: EUROPE

tries to hold line on treaty

MAASTRICHT # Germans at odd s • Fren ch mak e prog r ess # Danes mark time • Irish vote

Denmark
waits
on its
partners

By Hilary Barnes in
Copenhagen

By Quentin fatal In Bonn

THE: GERMAN government
and opposition yesterday tried
and failed to forge a common
one on the .ratification of the
Maastricht treaty on European
onion, as Chancellor Helmut
Kohl insisted that the docu-
liiont._ eoald . not be
renegotiated. .

In an Important parliamen¬
tary debate intended to stem
the - growing tldeof -public
doubt oyer European integra¬
tion, the "opposition; Social
Democrats (SPD) served notice
that their approval of the trea¬
ty - essential for ratiflca.-
tion — was subject to tough
preconditions. .

. At the. same the minor¬
ity. Greens .called fin: a national
referendum before ratification.

a demand which is supported
by some key members of the
SPD, and a by clear majority in

recent opinion polls.

Speaker after speaker

re m i nd ed the German chancel¬
lor of the growing public
“Euro-scepticism”, and fears
for the disappearance of the
D-Mark .in a future European
currency. They (bared German
. voters were suffering from the
same basic mistrust of political
leaders which caused a major¬
ity of Danish voters to reject
the Maastricht treaty in their
national referendum.

“The policy of European
union, which for decades has
been taken for granted, and
was in danger of becoming
merely boring; is suddenly fac¬
ing criticism which is rapidly
gaining ground, and appears to

be ever more fundamental,”
said Mr Gunter Verheugen,
deputy foreign affairs spokes¬
man tor the SPD.

“The public was not pre¬
pared for European union," he
said. “The details of its con¬
tents, and above all the intro¬
duction of a common European
currency, came as a big
shock,” he said.

The same message came
(Torn all sides of the house.
While they accepted that the
treaty could not easily.be rene¬
gotiated, several speakers said
that it should somehow be
improved, or added to, or cor¬
rected with a second full-scale
treaty.

Mr Kohl himself was ada¬
mant, seeking to head off the
doubts by going over to the
offensive. He rejected any hint

of renegotiation, and gave a
grim warning of the dangers of
rising nationalism in western
Europe, parallel to the trends
in the east

He warned that fears of the
past and memories of the mis¬
deeds of the Nazi regime, were
still alive in other European
countries. There was no rea¬
sonable alternative for Ger¬
many than to seek irreversible
integration in a united Europe.

“In western Europe (as in
t